After reading the assignment and reviewing any provided supplemental material, answer the following questions and submit them on line:
1. To be considered an allowable cost, what five criteria must be met? 2. What are cost allowability, reasonableness, and allocability? Why are they important to the contracting process? 3. What is the purpose of the Cost Accounting Standards? 4. What is the significance of the Truth in Negotiations Act (TINA)? 5. Why are government audit rights important?
Other Material: See the NCMA article CM CAS DS article p28-31