TRUE OR FALSE
Questions regarding Federal Government Contracting:
- If a profit rate is negotiated at the termination which differs from the rate of profit earned on units delivered under the contract, the effect of this difference will be much greater under the total cost basis than under the inventory basis.
- Due to the nature of termination and it's effect upon the contractor's costs, a contractor, in the majority of cases, must deviate from his/her standard accounting practices.
- Shortly after a fixed-price contract is terminated, the contracting officer must have all undelivered completed end items inspected and accepted if they comply with the prime contract requirements.
- Partial payments to terminated subcontractors under a terminated prime contract can be made through other than the prime contractor.
- Subcontractors are required to use standard inventory forms even if substantially equivalent information is otherwise obtained.
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