FAR Certified Cost or Pricing Data Specialist

Question 1

Which federal agency is responsible for promulgating Cost Accounting Standards (CAS)?

Department of Defense (DoD) Cost Accounting Standards Board (CASB) General Accountability Office (GAO) Office of Management and Budget (OMB)

Correct Answer:

Cost Accounting Standards Board (CASB)

Question 2

Under what condition does a contractor become subject to MODIFIED CAS coverage?

Receipt of a single CAS-covered contract of $500,000 or more Receipt of a single CAS-covered contract of $2 million or more Receipt of a single CAS-covered contract of $50 million or more Receipt of total CAS-covered contracts exceeding $25 million in the prior year

Correct Answer:

Receipt of a single CAS-covered contract of $2 million or more

Question 3

Which CAS standard addresses 'Consistency in Estimating, Accumulating, and Reporting Costs'?

CAS 401 CAS 402 CAS 403 CAS 404

Correct Answer:

CAS 401

Question 4

What is the primary purpose of the Disclosure Statement (Form CASB DS-1)?

To describe the contractor's cost accounting policies and practices To report actual costs incurred on government contracts To estimate future contract costs for negotiation To document the contractor's historical profit margins

Correct Answer:

To describe the contractor's cost accounting policies and practices

Question 5

Before making a voluntary change in an established cost accounting practice, what must a contractor do?

Notify the contracting officer within 30 days after implementing the change Submit a revised Disclosure Statement and obtain CFAO approval Report the change directly to the CASB within 60 days Obtain DCAA audit clearance before proceeding

Correct Answer:

Submit a revised Disclosure Statement and obtain CFAO approval

Question 1

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About this Exam

Prepare with the FAR Certified Cost or Pricing Data Specialist practice quiz. This question bank includes 30 questions covering data, cost, pricing, specialist, and management. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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FAR Certified Cost or Pricing Data Specialist

This practice set contains 30 questions from the matching question bank and focuses on data, cost, pricing, specialist, and management. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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About this Exam

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FAR Certified Cost or Pricing Data Specialist

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