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Common Accounting Mistakes: Government Edition - Issue #11 What is GAAP?

SMBAccountant

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?

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Understanding the FAQs Related to Overhead Rate Audits for Growing A&E Firms

Cherry Bekaert

For many architecture and engineering (A&E) firms, overhead rate audits are a critical aspect of financial management since they can be a great way for firms to recoup incurred costs necessary to run their business from the government. Q: What is an overhead rate audit? Q: What are the benefits of an overhead rate audit?

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Overview of Cost Accounting Standards (CAS) for Government Contractors

Cherry Bekaert

Among those regulations are the Cost Accounting Standards (CAS), which are one of the most common challenges faced by emerging government contractors. Moreover, some of the cost principles in FAR Part 31 incorporate specific standards. Table of Contents: What Are Cost Accounting Standards?

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Accountant Vs. Controller: What's the difference?

Basis 365

What is an accountant? Non-controller accountants generally perform more straightforward accounting tasks than controllers. These responsibilities include internal reports, cost accounting, tax auditing, and cost accounting. Financial Expertise Controllers have more experience than accountants.

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Contractor Business Systems Series: Part 1 — The Ins and Outs of Government Contractor Accounting System Requirements

Cherry Bekaert

Per these rules, the DoD will conduct audits or reviews of the adequacy of these systems. The remaining three are reviewed (not audited) by the Defense Contract Management Agency (DCMA). Who Is Responsible for Accounting System Approval or Disapproval? How Should a Contractor Prepare for an Accounting System Audit?

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Top 10 Common Accounting Interview Questions with Answers

Simple Accounts

As you are asked for your words, try to explain accounting in the way you conceived it. . Different types of accounting are: Financial accounting, Cost accounting, Management accounting . However, it cannot replace human force in accounting. Generally Accepted Accounting Principles .

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How to Find the Best Real Estate Accounting Software for Your Business

Snyder

An automated accounting tool will significantly assist an experienced real estate accountant with tracking and recording income from rental properties and understanding the financial implications of real estate investments.This will help you to stay on top of your financial obligations. Wave: Best free solution. Free option.