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AZ PTAC Monthly Workshop: Capability Statements & Laying the Foundation of Government Accounting
November 3, 2020 @ 1:00 pm - 3:00 pm
The second half of this presentation will cover the foundations of Government Accounting.
Accounting in Government contracting has its own unique and specialized rules, regulations, standards, problems, and hurdles. Compliant accounting systems that provide meaningful information require solid foundations built on principles, regulations, and industry best practices. Everything in Government contracting – negotiation, performance, termination, and more – requires that contractors follow specific accounting principles and standards. Moreover, dealing with the Federal Government can be difficult and complex. Unless a proper accounting system is in place, a contractor may face enormous difficulties, not the least of which is lost profits, lost contracts.
After taking this training, you will
- Know the basic principles and regulations for government contract accounting
- Understand why it is important to segregate direct and indirect costs
- Understand cost pools
- Be able to set up a basic govcon chart of accounts