- What is a final cost objective?
- What is difference between overhead and G&A?
- What is the difference between direct and indirect?
- What are the examples of direct and indirect expenses?
- What is the difference between direct and indirect distribution?
- What is the most common base for calculating the general and administrative G&A overhead rate?
- What does ODC mean in accounting?
- Do Joint Travel Regulations apply to contractors?
- What are examples of indirect cost?
- Are overhead and indirect costs the same?
- What is ODC contract?
- Is electricity a direct or indirect cost?
- Is any cost that can be identified specifically with a particular final cost objective?
- What are unallowable costs far?
- What are direct and indirect costs?
- Is G&A allowable on travel?
- What is total cost input?
- Which type of cost is charged to one contract project or task?
- What are considered other direct costs?
- Is Rent a direct cost?
What is a final cost objective?
Final cost objective means a cost objective which has allocated to it both direct and indirect costs and, in the non-Federal entity’s accumulation system, is one of the final accumulation points, such as a particular award, internal project, or other direct activity of a non-Federal entity..
What is difference between overhead and G&A?
Overhead rates are developed by dividing the Overhead costs by the selected allocation base of direct labor dollars or direct labor hours, typically. G&A rates are usually determined by the total cost input base representing the total activity of the business.
What is the difference between direct and indirect?
Direct speech describes when something is being repeated exactly as it was – usually in between a pair of inverted commas. … Indirect speech will still share the same information – but instead of expressing someone’s comments or speech by directly repeating them, it involves reporting or describing what was said.
What are the examples of direct and indirect expenses?
The Difference in a Table FormatDirect ExpensesIndirect Expenses5. Examples – Direct labour (wages), cost of raw material, power, rent of factory, etc.5. Examples – Printing cost, utility bills, legal & consultancy, postage, bad-debts, etc.4 more rows
What is the difference between direct and indirect distribution?
There are two types of distribution channels: direct and indirect. As the names would imply, direct distribution is a direct sale between the manufacturer and the consumer, and indirect distribution is when a manufacturer utilizes a wholesaler or retailer to sell their products.
What is the most common base for calculating the general and administrative G&A overhead rate?
The G&A rate allocation base most commonly used is Total Cost Input (all direct cost plus overhead).
What does ODC mean in accounting?
Other Direct CostsMeaning. ODC. Other Direct Costs. ODC. Ordine Dottori Commercialisti (Italian: Order of Chartered Accountants)
Do Joint Travel Regulations apply to contractors?
The Joint Travel Regulations are written for and apply to civilian employees of the Defense Department and the Uniformed Services. The Contractors’ employees traveling under their contracts CANNOT use the JTR as the JTR contains provisions that cannot be applied to Contractor’s personnel.
What are examples of indirect cost?
Indirect costs include costs which are frequently referred to as overhead expenses (for example, rent and utilities) and general and administrative expenses (for example, officers’ salaries, accounting department costs and personnel department costs).
Are overhead and indirect costs the same?
Indirect costs include administration, personnel and security costs. These are those costs which are not directly related to production. Some indirect costs may be overhead. But some overhead costs can be directly attributed to a project and are direct costs.
What is ODC contract?
In this article we’ll examine the remaining components of a comprehensive operating budget, namely, other direct costs (“ODC’s”) and indirect expenses. By definition, ODC’s are contract-specific. For existing contracts, responsibility for estimating ODC’s is usually vested with individual program or project managers.
Is electricity a direct or indirect cost?
The cost of electricity is an indirect cost since it can’t be tied back to the product or the specific machine. However, the cost of electricity is a variable cost since electricity usage increases with the number of products that are produced or manufactured.
Is any cost that can be identified specifically with a particular final cost objective?
(3) Direct cost means any cost which is identified specifically with a particular final cost objective. Direct costs are not limited to items which are incorporated in the end product as material or labor. Costs identified specifically with a contract are direct costs of that contract.
What are unallowable costs far?
Unallowable Costs, FAR 31.2. The government as a matter of law and regulation will not reimburse contractors for certain types of costs it may incur. These costs are generally referred to as Unallowable Costs. … Unallowable costs are prohibited from any billing, proposal or claim.
What are direct and indirect costs?
As you now know, direct costs are expenses that directly go into producing goods or providing services while indirect costs are general business expenses that keep you operating.
Is G&A allowable on travel?
In summary, G&A on travel is an allowable, ordinary and necessary cost associated with travel in support of contracts and seeking to recover this cost is perfectly acceptable.
What is total cost input?
In business, the total cost input base involves the total amount of money it costs the business to produce and distribute its products. In many cases, the total cost input is the business’s greatest and most unavoidable expense. Without the products — and the accompanying costs — the business’s income is limited.
Which type of cost is charged to one contract project or task?
A direct cost is any cost that is identifiable to one and only one cost objective. It normally is required or necessary for contract performance. The term cost objective is a regulatory term that can include a contract, a project, a task, a contract line item.
What are considered other direct costs?
Examples of the types of cost that are commonly proposed as other direct costs include: Special tooling and test equipment: • Computer services; Page 3 • Consultant services; • Travel; • Federal excise taxes; • Royalties; • Preservation, packaging, and packing costs; and • Preproduction costs.
Is Rent a direct cost?
A direct cost is totally traceable to the production of a specific item, such as a product or service. … Other costs that are not direct costs include rent, production salaries, maintenance costs, insurance, depreciation, interest, and all types of utilities.