The governments cost accounting rules govern what costs the government will or wont pay ie cost allowability and how much of those costs theyre willing to pay ie cost allocability political and socio economic policy frequently underpin the cost allowability rules. When cost accounting to determine what may be a reasonable and fair price you must consider the cost for the product or service you provide thats your starting point consider whether or not the costs are fair after you and the other party agree you can discuss a fair profit and price. If any one contract is awarded with modified cas coverage all cas covered contracts awarded to that business unit during that cost accounting period must also have modified coverage with the following exception if the business unit receives a single cas covered contract award of 50 million or more that contract must be subject to full cas coverage thereafter any covered contract awarded . Government government contract cost accounting this book is a comprehensive guide to planning and implementing government contract cost accounting required with us federal government contracts government contracting exists in a world of its own the federal government even has its own set of accounting rules known as cost accounting standards cas nineteen different standards set by the cost
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