accounting principles accounting standards cost accounting 
SMBAccountant
DECEMBER 2, 2020
Many small business government contractors are exempt from complying with cost accounting standards (CAS) and defined by the code of federal regulations (CFR). However, compliance with generally accepted accounting principles (GAAP) is required. What exactly is GAAP?
Cherry Bekaert
AUGUST 22, 2024
Contributor: John Ford In June 2024, the Cost Accounting Standards Board (CASB) published three significant actions in the Federal Register. Section 820 of Public Law 114-328 directed the Board to conform CAS to Generally Accepted Accounting Principles (GAAP) to the maximum extent practicable.
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Cherry Bekaert
JUNE 25, 2024
Among those regulations are the Cost Accounting Standards (CAS), which are one of the most common challenges faced by emerging government contractors. Compliance with CAS is a contractual obligation, and failure to adhere to these standards can result in financial penalties, contract adjustments and contract termination.
CPA Practice
FEBRUARY 13, 2023
Cost accounting and inventory management: This includes standard cost systems, activity-based costing, and cost-volume-profit analysis, among others. It’s essential for companies to effectively manage their inventory costs and control the manufacturing process. Here’s what it came up with.
Cherry Bekaert
MAY 9, 2024
Maintaining accounting records on an accrual basis in accordance with generally accepted accounting principles (GAAP) will be critical to the efficiency of the audit. The firm should also review its allocation of overhead costs to ensure that it is allocating costs in a fair and accurate manner.
Cherry Bekaert
JUNE 27, 2024
Complete a dry run-through of the DCAA questionnaire that is typically provided at the onset of an accounting system audit, which outlines the different kinds of cost accounting system practices, timekeeping practices, and general audit questions.
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