Module 1 Assignment_MacKenzie_Maddox

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Alabama A&M University *

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ACC-450

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Business

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Apr 3, 2024

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Module 1 Assignment Before beginning this homework assignment, please make sure you have gone through all materials under Reading, Lecture Notes, and Lecture Video. There are 10 homework questions that will walk you through the Module 1 slides. MacKenzie Maddox January 18, 2024 1. Type the term that each of these 20 acronyms stands for. This may seem too easy, but try to pay attention to the words so that you will be able to quickly recognize them when you see the acronyms in future modules. Acronym Term B&P Bid and Proposal TINA Truth in Negotiations Act CAS Cost Accounting Standards T&M Time & Materials CPAF Cost Plus Fixed Fee SBA Small Business Administration DCAA Defense Contract Audit Agency FAR Federal Acquisition Regulation CPFF Cost Plus Fixed Fee CPFF Cost Plus Fixed Fee RFP Requests for Proposals IDIQ Indefinite Delivery/Indefinite Quantity FPLOE Fixed Price Level of Effort G&A General & Administrative IR&D Independent Research & Development ICE Incurred Cost Electronically FFP Firm Fixed Price ODC Other Direct Costs FPR Final Proposal Revision RFI Requests for Information

2. What are examples of distinct differences between government contracting and commercial business? Select all that apply. ______ a. The end customer of a government contractor is the taxpayer. b. Both commercial businesses and government contractors must only follow Generally Accepted Accounting Principles (GAAP). c. In addition to GAAP and tax rules, government contractors must additionally adhere to the Federal Acquisition Regulation (FAR) and sometimes Cost Accounting Standards (CAS). d. For government contractors, sometimes an audit is required before they can get work (before they can be awarded a contract). 3. Choose the one sentence that is correct about TINA. _______ a. The Truth in Negotiations Act is a law that applies to all businesses and all contracts. b. The Truth in Negotiations Act applies to contracts over $600,000. c. The Truth in Negotiations Act is a law that applies to government contracts over $2 million. d. The Truth in Negotiations Act was enacted to protect government contractors. 4. What information might a government contractor be required to submit to the government when TINA applies? Select all that apply. ________ a. cost or pricing data b. the right for the government to examine the contractor’s records c. a list of competitive contractors d. rules regarding defective pricing

5. What are the three primary methods that the federal government uses to solicit and award contracts? Select all three. ______ a. Drawing straws b. Sealed bids c. Contracting by negotiation d. Commercial items 6. LPTA is more beneficial to the government than best value when there is a need for lengthy innovation and development work. (True or False?) ______ a. True b. False 7. A pre-award survey... (Select all that apply.) _______ a. relates to the government contractor's accounting system b. can be found on OMB Standard Form 1408 c. is required for every contract a government contractor pursues, no matter the contract type d. can help a government contractor's accounting system be deemed "adequate" 8. Contracting by negotiation is generally more flexible than sealed bids because there are considerations of aspects other than price. (True or False?) ______ a. True b. False 9. The Federal Acquisition Regulation (FAR) is a framework of rules for doing business with the federal government that promotes the government's best interests. (True or False?) _______ a. True b. False

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10. The DCAA...(select all that apply) _______ a. is the Defense Contract Audit Agency. b. is the main point of contact between potential offerors (contractors) and the government during solicitation. c. performs several different types of audits of government contractors. d. checks for contractor compliance with FAR and CAS.

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