Common use of ACCOUNTING, COST PRINCIPLES, AND AUDIT Clause in Contracts

ACCOUNTING, COST PRINCIPLES, AND AUDIT. A. Accounting Standards The Contractor must maintain a system of accounting procedures and practices sufficient for the Department to determine to its satisfaction that the system (1) permits timely development of all necessary cost data in the form contemplated by the contract type, and (2) is adequate to allocate costs in accordance with Generally Accepted Accounting Principles.

ACCOUNTING, COST PRINCIPLES, AND AUDIT. A. Accounting Standards The Contractor must maintain a system of accounting procedures and practices sufficient for the Department to determine to its satisfaction that the system (1) permits timely development of all necessary cost data in the form contemplated by the contract type, and (2) is adequate to allocate costs in accordance with Generally Accepted Accounting PrinciplesPrinciples (GAAP); and (3) complies with any other accounting requirements the Department specifies.

ACCOUNTING, COST PRINCIPLES, AND AUDIT. A. Accounting Standards The Contractor must maintain a system of accounting procedures and practices sufficient for the Department to determine to its satisfaction that the system (1) permits timely development of all necessary cost data in the form contemplated by the contract Contract type, and (2) is adequate to allocate costs in accordance with Generally Accepted Accounting PrinciplesPrinciples (GAAP); and (3) complies with any other accounting requirements the Department specifies.