Exam (elaborations)
CLC056 TEST QUESTIONS AND ANSWERS
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CLC056 TEST QUESTIONS AND ANSWERS...
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Which of the following are listed as exemptions to the Cost AccountingStandards? - ANSWER Small Businesses; Contracts based on established or
market prices or fixed by law or regulation; All contracts awarded using sealed
bidding
Utilizing the CAS Coverage and Disclosure Statement Determination flowchart
to determine whether or not the basic BBOMS contract is subject to CAS -
ANSWER Yes, none of the above exemptions apply. This was a negotiated
procurement of over $7.5 M. The contract is subject to the Cost Accounting
Standards.
Click on the Resources tab to view the BBOMS contact and then answer the
question below. Now that you know the BBOMS contract is CAS covered,
which of the three levels of coverage applies? - ANSWER Full coverage since
the contract award is for $50M or more.
Consider the BBOMS contract again. Which of the following does not correctly
describe the BBOMS contract? ANSWER Since the BBOMS contract is subject
to full CAS coverage, TSS is required to submit a Disclosure Statement to the
CFAO and the Cognizant Auditor
What is cost analysis? - ANSWER The review and evaluation of the separate
cost elements and proposed profit/fee of an offeror's certified cost or pricing
data or data other than the certified cost of pricing data.
What is the principal goal when you are acting as the Government's buyer? -
ANSWER To procure supplies and services from responsible sources at fair
and reasonable prices.
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