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Cost Accounting Standards Actual Real Practice Exam Questions And Detailed Answers.
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What are Cost Accounting Standards (CAS)? - correct answer In 1970 the Cost Accounting Standards Board adopted 19 standards, 401-420 (419 was never assigned) to achieve uniformity and consistency in the cost accounting principles followed by defense contractors and subcontractors under Federal...

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  • September 9, 2024
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  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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Cost Accounting Standards

What are Cost Accounting Standards (CAS)? - correct answer In 1970 the Cost Accounting Standards
Board adopted 19 standards, 401-420 (419 was never assigned) to achieve uniformity and consistency in
the cost accounting principles followed by defense contractors and subcontractors under Federal
contracts > $100K



How many Cost Accounting Standards are there? - correct answer 19



Where is the Cost Account Standards Board housed in the federal government? - correct answer
Office of Federal Procurement Policy (OFPP)



How are the CAS different from FAR? - correct answer FAR applies to substantially all federal
contractors, whereas CAS applies primarily to the larger ones



What are the modified CAS Standards? - correct answer There are 4 CAS standards that are part of a
modified group that a company can be subjected to: CAS 401, CAS 402, CAS 405, and CAS 406



Types of CAS coverage - correct answer Full - required to follow all 19 CAS

Modified - required to follow CAS 401, 402, 405 and 406

Exempt - not required to follow CAS



Full CAS coverage - correct answer Required to follow all 19 CAS, but is not subject to a standard
where it does not apply (ex. a company which does not use standard costing does not have to comply
with CAS 407). Applies only when a company receives either one CAS-covered contract of US$50 million
or more, or a number of smaller CAS-covered contracts totaling US$50 million. Also must file CAS
Disclosure Statement: DS-1 applies to commercial companies; DS-2 applies to educational institutions.



Exempt CAS coverage - correct answer -Contracts awarded to small businesses are exempt regardless
of contract size.

-Any contract less than US$7.5 million, provided company has not been awarded a contract greater than
US$7.5 million

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