Basics Questions On Government Contracting

6 Questions | Total Attempts: 129

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Contract Quizzes & Trivia

This short quiz is to access your basic knowledge on government contract accounting.


Questions and Answers
  • 1. 
    What are the benefits of using GCS Premier as your government contract accounting solution?
  • 2. 
    Commercial contracts focus on making money while the government contracts want to save it.
    • A. 

      True

    • B. 

      False

  • 3. 
    Below are the responsibilities of DCAA.  Choose applicable:
    • A. 

      Primary auditor of government contracts

    • B. 

      Concentrate on the contractor's operations

    • C. 

      Focuses only the contracts they award

  • 4. 
    It is a type of contract awarded where acquisition of service is based on direct labor hours and cost of materials.
    • A. 

      Firm Fixed Price

    • B. 

      Time and Materials

    • C. 

      Cost Plus Fixed Fee

  • 5. 
    A CPFF contract is also known as cost reimbursable contract that provides payment to contractor at a negotiated ______.
  • 6. 
    Generally Accepted Accounting Principles (GAAP) applies when FAR and CAS are silent.
    • A. 

      True

    • B. 

      False

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