FAR Cheat Sheet 2026

The 30 highest-yield FAR facts, distilled from real exam questions. Print it, save it as a PDF, or study it here — free, no sign-up.

1. Which factor BEST indicates mastery of implementation & configuration in Certified Cost or Pricing Data Specialist? → The ability to adapt knowledge and skills to varying contexts while maintaining standards
2. Which of the following is NOT an exception to the requirement for certified cost or pricing data? → Cost-reimbursement contract
3. What is the role of data in performance monitoring & optimization programs for Certified Cost or Pricing Data Specialist? → Data provides objective evidence for decision-making and measuring progress
4. What is the purpose of a 'should-cost' review? → To identify reasonable contract cost
5. What is the primary purpose of the Disclosure Statement (Form CASB DS-1)? → To describe the contractor's cost accounting policies and practices
6. What is the MOST important consideration when implementing system architecture & design solutions in Certified Cost or Pricing Data Specialist? → Alignment with organizational needs and scalability requirements
7. What is the role of historical data in cost estimating? → To identify trends and benchmarks
8. What does 'certified' mean in the context of cost or pricing data? → Accurate, complete, and current
9. What is the current threshold requiring certified cost or pricing data for negotiated prime contracts under FAR 15.403-4? → $2 million
10. Which audit focuses on verifying the accuracy of a contractor’s proposed cost estimates? → Pre-award audit
11. What is the BEST approach to documentation & best practices standardization in Certified Cost or Pricing Data Specialist? → Implementing consistent formats, terminology, and processes across the organization
12. In Certified Cost or Pricing Data Specialist, how should sensitive documentation & best practices be protected? → Through role-based access controls, encryption, and compliance with privacy regulations
13. An incurred cost audit is typically performed: → After cost-reimbursement contracts
14. What legislation originally established the requirement for certified cost or pricing data in US government contracting? → Truth in Negotiations Act (TINA), now called the Truthful Cost or Pricing Data Act
15. Before making a voluntary change in an established cost accounting practice, what must a contractor do? → Submit a revised Disclosure Statement and obtain CFAO approval
16. What is the PRIMARY benefit of continuous improvement in project planning & deployment for Certified Cost or Pricing Data Specialist? → Enhanced efficiency, quality, and competitive advantage over time
17. In Certified Cost or Pricing Data Specialist, how does security & access control contribute to professional credibility? → By demonstrating competence, maintaining standards, and delivering consistent results
18. In Certified Cost or Pricing Data Specialist, how does implementation & configuration contribute to professional credibility? → By demonstrating competence, maintaining standards, and delivering consistent results
19. Under CAS 409, which depreciation method is NOT permitted for government cost accounting purposes? → Accelerated cost recovery system (ACRS/MACRS) tax method
20. What document must a contractor execute when certified cost or pricing data is required under FAR 15.406-2? → Certificate of Current Cost or Pricing Data
21. What is a key difference between cost analysis and price analysis? → Cost analysis examines individual cost components
22. When troubleshooting system architecture & design issues in Certified Cost or Pricing Data Specialist, what is the BEST approach? → Systematic diagnosis starting with the most likely causes and documenting steps
23. What is the threshold for requiring certified cost or pricing data as of recent FAR updates? → $2 million
24. When implementing project planning & deployment changes in Certified Cost or Pricing Data Specialist, what factor is MOST critical? → Stakeholder buy-in and a clear change management plan
25. Under CAS 405, what is the required treatment of costs specifically identified as unallowable? → They must be identified and excluded from billings, claims, and proposals
26. In Certified Cost or Pricing Data Specialist, how should data management & integration challenges be prioritized? → Based on potential impact, urgency, and alignment with strategic objectives
27. In Certified Cost or Pricing Data Specialist, which data management & integration approach is MOST effective for achieving long-term goals? → Strategic planning with measurable objectives and regular progress reviews
28. What is the MOST important skill for effective project planning & deployment in Certified Cost or Pricing Data Specialist? → Clear communication and the ability to align team efforts with objectives
29. What penalty can be assessed for submission of defective cost or pricing data that rises to the level of a false claim under the False Claims Act? → Treble damages plus statutory civil penalties for each false claim submitted
30. Which metric BEST indicates successful project planning & deployment in Certified Cost or Pricing Data Specialist? → Achievement of defined key performance indicators and stakeholder satisfaction