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The allocation cycle for analyzing contract costs typically includes three main phases: planning, execution, and review. In the planning phase, cost estimates and budgets are developed based on contract requirements. During the execution phase, actual costs are tracked, allocated to specific contract activities, and adjusted as necessary. Finally, the review phase involves analyzing cost performance against the budget, identifying variances, and making recommendations for future contracts.
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What is van-data?
Van-data refers to the data collected and generated from vehicles, particularly in the context of fleet management and transportation. This data can include information on vehicle location, speed, fuel consumption, maintenance needs, and driver behavior. Analyzing van-data helps businesses optimize operations, improve efficiency, and enhance safety. It is increasingly used in logistics and delivery services to streamline processes and reduce costs.
Who built the lunar rover?
The Lunar Rover was a joint venture between Boeing and General Motors and was a costs plus contract that started out at $19M and ended up upwards of $38M after prototypes and and trainers were built.
How much does a spacesuit cost?
A standard flight-rated NASA spacesuit costs about $12,000,000.
How much money is spent on vadilizm?
Vandalism costs the United States an estimated $15-20 billion annually in damages and cleanup. These costs include repairing property damage, removing graffiti, and other related expenses.
Why space exploration will take up a lot of resources?
Space exploration requires substantial resources due to the high costs associated with developing advanced technologies, building and launching spacecraft, and conducting research. Additionally, missions often involve extensive planning, rigorous testing, and the need for robust safety measures, all of which demand significant financial and human capital. The logistics of sustaining long-duration missions, such as life support and communication systems, further contribute to resource allocation. Ultimately, the pursuit of knowledge and potential benefits from space exploration necessitates a considerable investment.
What is the process of assigning indirect costs?
Cost allocation...
Importance of cost allocation?
Cost allocation allows a company to determine the amount each item produced will cost. An effective cost allocation will be able to track down the shared costs of production not only to the divisions but also to the products and customers that use those costs.
What are the impact of external costs and external benefits on resource allocation?
The impact of external costs and external benefits on resource allocation that business needs can be done quiet easily with perfection as distribution of resources has been done with costs and benefits effective point.
How do you calculate Step down Allocation?
Step-down allocation, also known as the sequential allocation method, involves distributing service department costs to both production and other service departments. To calculate it, first allocate the costs of the service departments to other service departments based on a predetermined allocation base (like labor hours or machine hours). After allocating costs to service departments, the remaining costs are then allocated to production departments. This method ensures that all costs are accounted for, providing a clearer picture of the overall cost structure.
Is cost allocation base a cost driver?
Yes, it is. When used for allocating costs, a cost driver is often called a cost-allocation base
What methods used to allocate support costs?
Support costs can be allocated using various methods, including direct allocation, where costs are assigned based on actual usage or benefit received by each department. Another common method is the step-down allocation, which prioritizes the allocation of costs from support departments to production departments in a sequential manner. The reciprocal method is more complex, allowing for mutual support between departments by considering interdepartmental services. Lastly, the activity-based costing (ABC) method allocates costs based on the specific activities that generate costs, providing a more precise approach to cost allocation.
Distribution is the allocation of line item costs while is the allocation of summary level costs.?
Distribution refers to the process of allocating specific line item costs to individual cost objects, such as products or departments, allowing for detailed tracking of expenses. In contrast, allocation involves distributing summary level costs, which may encompass broader categories or total expenses, across multiple cost objects based on a predetermined method. This distinction is important for accurate financial reporting and budgeting within an organization. Properly managing both distribution and allocation helps ensure a clear understanding of costs at various levels.
The tracing or reassigning of costs to one or more cost objectives is referred to as?
cost allocation
The two stages of allocation process in activity based costing?
In activity-based costing (ABC), the allocation process consists of two main stages: resource allocation and activity allocation. In the first stage, costs are assigned to specific activities based on resource consumption, determining how much each activity costs. In the second stage, these activity costs are then allocated to products or services based on their usage of the activities, allowing for a more accurate reflection of costs associated with each product or service. This method enhances decision-making by providing detailed insights into cost drivers and profitability.
What is an Government Approved Accounting System?
As discussed in DCAAP 7641.90 (Defense Contract Audit Agency Pamplet), the government reviews the "acceptability of the contractor's accounting system for accumulating costs under a prospective Government contract." DCAA conducts an audit in which the scope is limited to obtaining an understanding of the design of the prospective accounting system and as essential to reach an informed opinion as to whether or not the design is acceptable for accumulating costs under a Government contract. DCAA also will determine if the system will provide reasonable data for projection of costs to complete a contract.Some of the specific items that are reviewed during the audit are:(a) Proper segregation of direct costs from indirect costs;(b) Identification and accumulation of direct costs by contract;(c) A logical and consistent method for the allocation of indirect costs to intermediate and final cost objectives;(d) Accumulation of costs under general ledger control;(e) A timekeeping system that identifies employee's labor by intermediate or final cost objectives;(f) A labor distribution system that charges direct and indirect labor to the appropriate cost objectives;(g) Interim (at least monthly) determination of costs charged to a contract through routine posting to books of account;(h) Exclusion from costs charged to Government contracts of amounts that are not allowable pursuant to FAR Part 31, Contract Cost Principles and Procedures or other contract provision;(i) Identification of costs by contract line item and units if required by the proposed contract; and(j) Segregation of preproduction costs from production costs.=======================================Reference: Department of Defense: Defense Contract Audit Agency. "Information for Contractors." DCAAP 7641.90. January 2005. Located on 12/29/2010 at http://www.dcaa.mil/dcaap7641.90.pdfFederal Acquisition Regulation (FAR) Part 31, Appendix 1 & 2. Located on 12/29/2010 at https://www.acquisition.gov/Far
How much does the Apple iPhone 3gs cost?
The iPhone 3Gs costs $200 dollars with a contract. The iPhone 3Gs costs $500 dollars without a contract.
What is the term work-time cost?
The term "work-time cost" refers to the economic value associated with the time an employee spends on work-related activities. It encompasses not only the direct wages paid to employees but also indirect costs such as benefits, overhead, and productivity losses. Understanding work-time costs helps organizations evaluate the efficiency and profitability of their workforce. By analyzing these costs, companies can make informed decisions about resource allocation and workforce management.
