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What is the least preferred contract type because it places the greatest risk on the Government?
The least preferred contract type for the Government is the cost-plus contract. This type of contract places the greatest risk on the Government because it reimburses the contractor for their allowable costs plus an additional fee, which can lead to unpredictable expenses and less incentive for cost control. Consequently, it can result in higher overall costs and diminished accountability for the contractor in managing project expenses.
What is an example of engineering expenses attributable solely to a contract?
indirect cost
What type of contract shifts the risk of cost overruns to the contractor?
A fixed-price contract shifts the risk of cost overruns to the contractor. In this type of agreement, the contractor agrees to complete the project for a predetermined price, regardless of any unforeseen expenses that may arise. If costs exceed the agreed-upon amount, the contractor must absorb the additional expenses, incentivizing them to manage costs effectively and complete the project within budget.
What are terms of Bilbo's contract?
Terms:cash on delivery, up to and not exceeding one fourteenth of total profits (if any);all traveling expenses guaranteed in any event;funeral expenses to be defrayed by us or our representatives, if occasion arises and the matter is not otherwise arranged for.
What can you in additional to cutting all unnecessary expenses to make sure your expenses don't exceed your income?
Get another job to increase income.
What are all inclusive tours?
No additional expenses for food, travel, shelter, and tips
What are Expenditures for research and development generally recorded as?
Current Operating Expenses
What is contract costing?
It is when a company set out how much they will put aside for contractors when working out expenses for a job.
People who had a contract to work in exchange for transportation and living expenses were known as?
indentured servants (apex)
What fee be charged for Cost Plus Fee contract?
The goods mentioned in the contract / the relevant expenses such as shipping/ insurance/ custums tarrif fees/ loading and unloading
How do you decide if you need a contract for a purchase or not?
If you are in the education field you need to have a contract for any purchasing done by a particular school to keep up with the expenses and know what account to charge it to.
Where can I find research and development expenses on financial statements?
Research and development expenses can typically be found in the income statement or the notes to the financial statements of a company. These expenses are usually listed as a separate line item to show the costs incurred by the company for developing new products or improving existing ones.
