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Cal Poly Pomona

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Understanding Government Contract Cost Accounting
Understanding Government Contract Cost Accounting
  In today’s tough economy, becoming a government contractor may be one option to consider as a way to increase your company’s revenue. Winning the contract is just one small step in the entire process however. It’s what happens next that can make all the difference if your company is audited. Government accounting practices are not the same as in private industry. Learn how to avoid common mistakes that can cost you thousands of dollars.
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Overview

  Accounting for the government and governmental contracts can be different than bookkeeping for a traditional business, especially if you have not done so before. Grant recipients and contractors (new and experienced) are often challenged and overwhelmed by the accounting regulations, standards, and requirements required by the government and the Defense Contract Auditing Agency (DCAA). This course will help unravel some of the mystery and will simplify the accounting process.

Benefits / Objectives

  Individuals contemplating applying for or have been awarded a government grant, an SBIR or STTR grant, or those who are interested in contracting with the government to provide any service or product, will learn how to establish an auditable accounting system that will withstand the careful review of almost any auditor.

Topics covered include:
* Introduction to regulations and key players in the acquisition pocess
* Understanding the operating policies and procedures of the DCAA
* Types of contracts
* What auditors look for–contract audit objectives
* What is an adequate accounting system
* Allowable and allocable costs defined
* Compliant timekeeping procedures
* How to insure that labor timekeeping deficiencies do not exist which will cause the government to question the reliability of your labor charges
* How to determine and justify indirect rates such as overhead and G&A
* Acceptable billing procedures
* Types of audits linked to cost accounting systems
* How audits are conducted–effectively preparing for and conducting yourself during the audit and responding to the results
* Contractor rights and remedies–working through and resolving audit issues
* Resources and helpful links

Course Information & Registration

Understanding Government Contract Cost Accounting

Intended Audience

  This course is designed for individuals who have received a government grant or contract and/or those who have been awarded an SBIR or STTR grant. This class is also suitable for those who are interested in contracting with the government to provide any service or product.



Awarded Certificate

  A certificate of achievement will be awarded upon the successful completion of this program.