Prior to being awarded a cost reimbursable contract, federal government contractors need to ensure their accounting system is adequate for accumulating costs applicable to federal contracts. This is accomplished when DCAA conducts a Pre-award Accounting System Audit at the request of a federal agency. Join DCAA in this informative webinar as we discuss the federal regulations that define an acceptable accounting system, evaluate the minimum requirements of the SF 1408 criteria, and how small businesses can prepare for this type of audit. In part 3 of a 3 part series, this session will differentiate between direct versus indirect costs, define total contract costs, provide an overview of indirect allocation bases, and learn how FAR Part 31 clauses describe allowability, allocability, and reasonableness.