Ch 20 Accounting 281 Flashcards

All group health plans maintained by the same plan sponsor. Consistent with the principles for achieving compliance provided in the Privacy Rule, OCR will seek the cooperation of covered entities and may provide technical assistance to help them comply voluntarily with the Privacy Rule. Covered entities that fail to comply voluntarily with the standards may be subject to civil money penalties. In addition, certain violations of the Privacy Rule may be subject to criminal prosecution. These penalty provisions are explained below. Enrollment or disenrollment information with respect to the group health plan or a health insurer or HMO offered by the plan.

It varies in total at every level of activity. The unit cost varies directly to the activity level. When activity declines, its cost per unit increases. The unit costs stay the same at every activity level.

Accounting 281

Retroactive price redetermination within the ceiling after completion of the contract. There is reasonable assurance that price redetermination actions will take place promptly at the specified times. Contractor risk usually decreases as the requirement is repetitively acquired. Also, product descriptions or descriptions of services to be performed can be defined more clearly. Explain why the contract type selected must be used to meet the agency need. Assume the following scenarios.

• If the fixed costs of manufacturing and selling the product are $68,400 a month and the variable costs are $57 a unit, which of the below is correct?
• Discuss the Government resources necessary to properly plan for, award, and administer the contract type selected (e.g., resources needed and the additional risks to the Government if adequate resources are not provided).
• These price adjustments are based on increases or decreases from an agreed-upon level in published or otherwise established prices of specific items or the contract end items.
• Therefore, GSA regulations and the coverage for the Federal Supply Schedule program in subpart 8.4 and part 38 take precedence over this subpart.
• Individual review of each disclosure is not required.
• Ingraham Inc. currently has $205,000 in accounts receivable, and its days sales outstanding is 71 days.

To receive interest and dividends. The simplest approach to dealing with underallocated or overallocated overhead is the ________ approach. Salad Express exchanged land it had been holding for future plant expansion for a more suitable parcel of land along distribution routes. Salad Express reported the old land on the previously issued balance sheet at its original cost of $70,000.

506 Solicitation Provisions And Contract Clauses

CVP analysis considers the interrelationships among all of the following components except volume/level of activity. B & C not A because direct materials are a variable A fixed cost may include all of the following except quizlet cost, not a fixed cost. Receiving price discounts on large purchases may cause total variable cost to appear as a curvlinear function but not as a stair-step function.

• When the contractor completes performance, the parties negotiate the final cost, and the final price is established by applying the formula.
• Both A & B not c because supervisor salaries are fixed costs, not variable costs.
• 4.Sales commissions paid to the company’s salespeople.
• The creditor has asked for a personal net worth statement.
• • Also called factory overhead, indirect manufacturing costs, or burden.
• A central aspect of the Privacy Rule is the principle of “minimum necessary” use and disclosure.

– Starting point in cost behavior analysis is measuring key ________________________. The extent that an organization’s cost structure is made up of fixed costs is called _____ _____. The accrual concept that costs incurred to generate a revenue are expensed in the same period the revenue is known as the ______ principle. Is performed to maintain general manufacturing capabilities. At Christofle, facility-level activities include plant management, building maintenance, property taxes, and electricity required to sustain the building. Is performed to support the production of each different type of product.

Summary Of Ifrs 17

Cycle Tech Bicycles had the following cash payment transactions in March. In your working papers, record the transactions on page 19 of the general journal. $$ \begin \text & \text\\ \hline \text & \text\\ \text & \text\\ \text & \text\\ \text & \text\\ \text & \text\\ \text & \text\\ \text & \text\\ \text & \text\\ \text & \text\\ \end $$ Determine the total decrease to the checking account for the month. Fluctuations in the level of production from month to month. Are the costs that should be incurred to produce a product under normal conditions. Report summarizing income and expense AKA an income statement. Which of the following statements refers to management accounting information?

• Correct; the $3.50 paid for the first night is a sunk cost and is not relevant in your decision to keep it an additional night.
• If discrimination still exists its because the customer feels comfortable with a certain type of pay.
• The range over which the company expects to operate during a year.
• Is the time it takes to purchase inventory, sell inventory, and collect cash from the sale.
• C) Over the long run all costs have cost drivers.

A determination by the contracting officer that the anticipated cost to the Government will be fair and reasonable. Formal evaluation plans or scoring of quotes or offers are not required. Potential impact on other orders placed with the contractor. An opportunity for a postaward debriefing in accordance with paragraph of this section. Require the direct supervision of a professional architect or engineer licensed, registered or certified in the State, Federal District, or outlying area, in which the services are to be performed. Shall comply with all FAR requirements for a consolidated or bundled contract when the order meets the definition at 2.101 of “consolidation” or “bundling”.

403 Fixed

Contribution format statements focus on cost behavior. Compared to traditional income statements, contribution format statements provide management with a tool to make decision making easier. Which of the following are differences between traditional and contribution format income statements?

B)Budgets provide a yardstick for evaluating future performance. C)Budgeting increases management’s awareness of the company’s external economic environment. D)Budgeted net income assures the company of operating profitably. Perfect Plumbing Corporation currently manufactures a valve for use in water pumps that it produces for sale. The company is considering purchasing the valves from an outside supplier rather than manufacturing them. Which of the following costs is not relevant to the decision? A)The cost of the machinery owned by Perfect Plumbing used exclusively to manufacture this valve.

Discount Rates

According to an independent appraisal, the old land currently is worth$132,000. Salad Express paid $19,000 in cash to complete the transaction. What is the fair value of the new parcel of land received by Salad Express?

• O Keeps management planning a full year ahead.
• In your working papers, record the transactions on page 19 of the general journal.
• T/f Mixed costs change proportionately with changes in the activity level.
• B) Fixed costs have cost drivers over the short run.
• Is the net price after applying any standard trade discounts offered by the contractor.
• The quantities of the specified labor and materials allocable to each unit to be delivered under the contract.

Changes in activity and sales mix are the only factors that affect costs. Fixed costs • Costs that __________________ in total regardless of changes in the __________________________. True/false Manufacturers compute cost of goods sold by adding the beginning finished goods inventory to the cost of goods purchased and subtracting the ending finished goods inventory.

Enabling the company to produce more for less cost. The planned fertilizing schedule of a competing farming company. Which of the following elements in a product’s cycle time should be maximized?

An affiliated covered entity that performs multiple covered functions must operate its different covered functions in compliance with the Privacy Rule provisions applicable to those covered functions. Incidental Use and Disclosure. The Privacy Rule does not require that every risk of https://accountingcoaching.online/ an incidental use or disclosure of protected health information be eliminated. The Standards for Privacy of Individually Identifiable Health Information (“Privacy Rule”) establishes, for the first time, a set of national standards for the protection of certain health information.

603 Letter Contracts

They tend to be recurring, such as interest or rents being paid per month. 45% of the company’s revenue is available to cover fixed costs and to contribute toward operating income. Type and complexity of the requirement. Complex requirements, particularly those unique to the Government, usually result in greater risk assumption by the Government. This is especially true for complex research and development contracts, when performance uncertainties or the likelihood of changes makes it difficult to estimate performance costs in advance. As a requirement recurs or as quantity production begins, the cost risk should shift to the contractor, and a fixed-price contract should be considered.

Contractual Service Margin

The ombudsman must be a senior agency official who is independent of the contracting officer and may be the agency’s advocate for competition. Except for DoD, the contracting officer shall document in the contract file a justification for use of the lowest price technically acceptable source selection process, when applicable. The contract file shall also identify the basis for using an exception to the fair opportunity process (see paragraph of this section). A description of the supplies or services required to meet the agency’s needs .

Cost Accounting Exam 1 Mc

Contractor has exceeded almost all of the significant award-fee criteria and has met overall cost, schedule, and technical performance requirements of the contract in the aggregate as defined and measured against the criteria in the award-fee plan for the award-fee evaluation period. When predetermined, formula-type incentives on technical performance or delivery are included, increases in profit or fee are provided only for achievement that surpasses the targets, and decreases are provided for to the extent that such targets are not met.

The contracting officer shall document the basis for using an exception to the fair opportunity process. Individual orders shall clearly describe all services to be performed or supplies to be delivered so the full cost or price for the performance of the work can be established when the order is placed.