You have completed only 0% of the video. Please continue watching the video.
Please don’t fast forward or alter the cursor of the video. You must watch entire video to get your CPE credits.

Before starting this self study progarm, please go through the Instructional Document.

Download

Course Details

Overview of Topics

  • Five Basic Cost Pools3 mins
  • Acceptable Allocation Methods14 mins
  • The Math of Indirect Rates25 mins
  • LBP Indirect Rate Calculator Tool41 mins
  • Full Cost Recovery52 mins
  • Fundamentals of Indirect Rates65 mins

Course Description

The key to contract profitability is cost recovery. Companies fail to recover costs primarily because of incorrect indirect rates resulting from improper composition of cost pools, misaligned cost pools and bases, and mathematical errors. 

Higher margins and improved profitability are a direct result of the proper calculation of indirect rates and the maximum recovery of all costs incurred. Classification of costs, the identification of correct and allowable allocation methods and accurate mathematical formulas are critical in the proper calculation of indirect rates. 

This session will focus on the most common cost pools utilized by government contractors and a single rate approach to indirect rates. This webinars includes :

  • Composition of each cost pool
  • Explanation of the acceptable allocation bases
  • Indirect rate calculation examples
  • Access to an online indirect rate calculator and downloadable tool.

Register for this webinar to learn proper indirect rate calculation.

Learning objectives

  • To list & understand the 5 basic cost pools.
  • To describe the composition of each cost pool.
  • To identify various acceptable allocation bases and methods
  • To learn the proper execution of calculation of indirect rates
  • To list down and understand the tips for full cost recovery

About Presenter

Robert Jones, CPA, CPCM, NCMA Fellow

Government Contracts & Accounting Expert,Left Brain Professionals Inc.

robert@leftbrainpro.com

Award-winning speaker Robert E. Jones shows audiences how to navigate the constantly changing legal and regulatory landscape of government contracts. In his engaging and highly rated presentations, he shares insider secrets drawn from 15 years of DoD contract and accounting experience. His proactive, decisive approach to finding opportunities and solving problems is based on experience in managing more than $400 million in federal contracts.

Mr. Jones has experience with a wide variety of speaking engagements including emcee/moderator, seminars, training, chapter meetings, and conference presentations. He engages audiences with innovative approaches to contract profitability, accounting, compliance and related topics.

The West Virginia native earned a bachelor’s degree in accounting from the McColl School of Business at Queens University of Charlotte in North Carolina. He holds a master’s degree in accountancy from The Graduate School of the College of Charleston in South Carolina. He is a licensed CPA in the State of Ohio.


Left Brain Professionals is a boutique accounting firm serving the compliance needs of government contractors. We focus on accounting system design, implementation, and audit support. We help companies profit from federal contracts, prevent compliance headaches and resolve red-tape nightmares - assuring profitability and peace of mind. We offer expert consulting on strategic, long-term and day-to-day decisions regarding all aspects of government contracts compliance, accounting, cybersecurity and audits. We don't believe in cookie-cutter, one-size-fits-all solutions. We understand the needs of small businesses and work within your budget to devise cost-effective solutions.

Led by a CPA with over 15 years of federal audit experience. Left Brain Professionals has the expertise to guide you through the complex maze of federal regulations. Some of our support projects include indirect rate calculations, cost and pricing models, incurred cost proposals, and purchasing spend analysis. We focus on serving small businesses though we do have a few Fortune 500 clients and bring other large business expertise and best practices to all of our clients.

Review Questions

  • Question 1 : 00:10
  • Question 2 : 00:22
  • Question 3 : 00:35
  • Question 4 : 00:55
  • Question 5 : 01:10
  1. From the options mentioned below choose the options which are directly attributable to Final Cost Objective.
  2. Which of the following is not one of the basic cost pools
  3. Employer Taxes, Retirement costs, Health insurance costs are the part of Fringe benefits?
  4. Overhead Costs are the costs which are directly attributable to an end cost objective ?
  5. Prime cost is the direct cost of a commodity in terms of the materials and labor involved in its production, including fixed costs like Employer Taxes, Paid absences Etc
  1. What are various fringe costs needs to be maintained W-2 employees?
  2. What are the different costs which can be considered as Overhead Costs?
  3. Which of the following is NOT an acceptable allocation method for Overhead?
  4. Fringe is usually allocated over :
  5. What is the process of the full cost recovery?
  6. What are various cost pools?
  7. What are various General and Administrative costs in cost pool composition?
  8. What is the full form of COGS ?

FAQ

  • myCPE self-study courses are online.
  • The self-study format allows you to access the material online 24/7 and study at your own pace.
  • As per NASBA guidelines, you have one year from date of registration to complete each program.
  • Complete your final exam at any time and get CPE Credit instantly. You can retake the exam multiple times without any additional charges.
  • Course have minimum passing score of 70% and test takers will not be provided feedback on failed exams.
  • Upon achieving a passing score, test takers will be notified of the correct answers to the questions missed.
  • These are Live recorded presentations converted into Self Study (On-Demand Videos).

Refund/Cancellation Policy

  • For more information regarding refund, complaint and program cancellation policies, please contact our offices at 646-688-5128
  • Please email to   help@my-cpe.com  in case of any self study program queries.

Reviews

4.6
(190)
68%
25%
6%
0%
1%
  • KG
    Kenneth Guilfoyle , CPA
    May 26th 2020
    excellent
SB
Sara Burgener , CPA
Very positive, informative with useful tools
DH
David Howarth
Good!
SP
Shena Potter , CPA
Excellent
JT
Jonathan Trauger , CPA
Good presenter and good topic for New Jersey Department of Transportation Internal Audit Group, have my full staff taking course. Thank you
CT
Caralee Timpson , CPA
Great!

NASBA Approved

MY-CPE LLC, 1600 Highway 6 South, Suite 250, Sugar Land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

On-Demand Webinars

Move up a Grade: Revision Guide
Monday, May 18, 2020 View Details/Register
Knowledge Performance Indicators (KPIs) for SMEs
Wednesday, May 13, 2020 View Details/Register
Business Performance Management
Wednesday, May 13, 2020 View Details/Register
The Theory of Constrainst and Lean Accounting
Tuesday, May 12, 2020 View Details/Register
THE MATHEMATICS OF ESTATE PLANNING FOR IRAS AFTER THE SECURE ACT
Friday, May 08, 2020 View Details/Register
The Accountant's Guide to Climate Change
Friday, May 08, 2020 View Details/Register
Professional Ethics for Accountants
Thursday, May 07, 2020 View Details/Register
Nebraska Ethics Principles and Conduct for CPAs
Friday, April 17, 2020 View Details/Register
MONTANA Ethics Principles and Conduct
Friday, April 17, 2020 View Details/Register
Massachusetts Ethics Principles and Conduct
Friday, April 17, 2020 View Details/Register
Maryland Ethics Principles and Conduct
Friday, April 17, 2020 View Details/Register
Executive Overview of Revenue Recognition (Topic 606) Exploring Both the Accounting & Tax
Wednesday, May 06, 2020 View Details/Register
Principles of Financial Statement Presentation
Wednesday, May 06, 2020 View Details/Register
Data Analysis 101 - Getting to the heart of performance data
Monday, May 04, 2020 View Details/Register
Performance Measurement
Thursday, April 30, 2020 View Details/Register
  • Cost FREE
  • CPE Credits 1.5
  • Subject Area Accounting (Governmental)
  • Course Level Basic
  • Instructional Method QAS Self Study
  • Prerequisites None
  • Advanced Preparation None
  • Recorded Date February 28 ,2020
  • Published Date February 28 ,2020
  • Who should attend? Bookkeeper Accountant CFO/Controller Business Owner CPA (Industry) Senior Accountant Government Contractor Defense Contract Audit Agency(DCAA)
  • Handout Material Download
  • Key Terms Download

On-Demand Webinars

Move up a Grade: Revision Guide
Monday, May 18, 2020 View Details/Register
Knowledge Performance Indicators (KPIs) for SMEs
Wednesday, May 13, 2020 View Details/Register
Business Performance Management
Wednesday, May 13, 2020 View Details/Register
The Theory of Constrainst and Lean Accounting
Tuesday, May 12, 2020 View Details/Register
THE MATHEMATICS OF ESTATE PLANNING FOR IRAS AFTER THE SECURE ACT
Friday, May 08, 2020 View Details/Register
The Accountant's Guide to Climate Change
Friday, May 08, 2020 View Details/Register
Professional Ethics for Accountants
Thursday, May 07, 2020 View Details/Register
Nebraska Ethics Principles and Conduct for CPAs
Friday, April 17, 2020 View Details/Register
MONTANA Ethics Principles and Conduct
Friday, April 17, 2020 View Details/Register
Massachusetts Ethics Principles and Conduct
Friday, April 17, 2020 View Details/Register
Maryland Ethics Principles and Conduct
Friday, April 17, 2020 View Details/Register
Executive Overview of Revenue Recognition (Topic 606) Exploring Both the Accounting & Tax
Wednesday, May 06, 2020 View Details/Register
Principles of Financial Statement Presentation
Wednesday, May 06, 2020 View Details/Register
Data Analysis 101 - Getting to the heart of performance data
Monday, May 04, 2020 View Details/Register
Performance Measurement
Thursday, April 30, 2020 View Details/Register