PWT

Structured Note

100

( ) is used for examinations of non-cost related subject matter, such as business systems, compliance with the CAS, etc.

A. Explanatory Notes

B. SOCAR

200

There are ( ) parts to an Explanatory Note

5

300

Summary of Conclusions-(  )-Audit Evaluation-(  )-Auditor's Response

Basis of contractor's costs, Contractor's reaction

400

Provides a description of the nature and extent of audit procedures.

A. Summary

B. Basis of costs

C. Audit evaluation

D. Auditor's reaction

C

MAARs

100

MAARs will be performed at (  ) except when such work will fulfill no useful current or future need.

A. All major contracts

B. All contracts

C. All non-major contracts

A

200

The extent of audit work to complete each MAAR must be adjusted to reflect appropriate considerations. Which one is not a consideration?

A. Amount of costs

B. Results of prior audits

C. Adequacy of internal controls

D. Size of the contractor 

D

300

Which two MAARs are performed Real Time?

A. MAAR 6- Labor floor checks or interviews

B. MAAR 3- Perm file update

C. MAAR 13- Purchases Existence and Consumption

D. MAAR 19- Indirect rate computation

A, C

400

Which MAARs are performed during the Reconciliation phase? (choose 2)

A. MAAR 2- Contract costs to accounting records

B. MAAR 5- Identify income/credits

C. MAAR 10- Adjusting Entries

D. MAAR 9- Labor distribution to payroll

A, D

Others

100

Any new contract award valued at ( ) or more that does not meet one of the exemptions.

$7.5M

200

What is the threshold of every year mandatory audit?

$1B or more

300

High Risk Category is ">$500". What is Low Risk Category range?

<$100

400

Which one is not the system requirements for DCAA according to DFARS?

A. Accounting System

B. Cost Estimating System

C. Material Management and Accounting System

D. Purchasing System

D (DCMA)

Accounting System Audit

100

DFARS- part 1 ( ), part 2 ( ), part 3( ), part 4 ( )

A. Billing system

B. Overarching controls

C. Direct and indirect cost accounting

D. General accounting

B-D-C-A

200

The objective of the accounting system audit is prescribed in DFARS?

A. DFARS 253.252-7006

B. DFARS 252.242-7006

C. DFARS 252.253-6004

D. DFARS 253.252-6004

B

300

Who is responsible for approving business systems?

A. ACO

B. SUPERVISOR

C. PCO

A

400

A contractor provides detailed system description narrative to DCAA (  ) prior to walkthroughs.

A. 1 week

B. 2 week

C. 3 week

D. 4 week

B