3. Cost Accounting Standards Board has exclusive authority to:

A) approve all government contracts between private parties and the federal government

B) require that a government contract be paid based on an analysis of actual contract cost date

C) make and implement cost accounting standards and interpretations

D) specify that contractors doing business with the government are paid a set price

4. The sales value at splitoff method is the preferred method when selling price data exist at splitoff because:

A) it anticipates subsequent management decisions

B) it requires easily obtainable information about any processing occurring after the splitoff point

C) it is more precise than methods involving NRV calculations

D) this is seen as the best measure of benefits received as a result of joint processing

5. Just-in-time purchasing is the buying of goods or materials for production in a way that they are delivered in small orders directly to the production floor based on

A) production schedules

B) economic order quantity

C) sales forecasts

D) annual monthly purchasing budgets