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What is cost transfers?
The cost transfers are the type of expense which is transferred from one account to another account. This expense is recorded in the financial accounting system. There are some reasons for this cost transfers, and they areâ€”
- Sum-up different types of costs,
- Solve any error in the bills,
- Solve financial problems of the company.
There are many projects which sponsor these transfers. These projects must fulfill the rules of consistency, allocability, and allow.To know minute responsibilities of the cost transfer process the cost transfers on federally sponsored projects homework answers is very necessary.
When cost transfers are allowed?
Cost transfer including sponsored projects is allowed in the following cases like correction of errors, transfer of the similar sponsored projects, cost benefits that are more than one sponsor projects, in the case of retroactive expenses, etc.
The importance of cost transfers:
The cost is an important topic not only in economics but also in accountancy. The cost involves different types of terms and definitions that become very difficult to the student to understand it clearly. In any expenditure of any person or accountancy, there are different types of cost involved.
From regular homework, a student may be able to know the importance of each type of cost. A cost transfer is such concept of the cost that requires continuous practice by any student because it involves many cost centers and cost terms.Â The cost transfers on federally sponsored projects homework answers provide you proper guidance for the students who feel it difficult to cope up with the cost transfers.
Types of responsibilities involved in cost transfers:
Different person play different role in cost transfers like â€“
- The principle investigator plays a vital role in transferring cost. He has the full responsibility to confirm compliance among different types of problems relating to the transfer of costs.
- Grant Manager also plays an important role, and he ensures that all transfers are allocated properly.
- Local-level management supervises the tasks done by the investigators and grant managers.
Thus, to remove all cost transferred confusion multiple websites are ready to offer cost transfers on federally sponsored projectsÂ homework answers help online.
What are the main purposes of cost transfers?
The main purpose of the cost transfers are
- It corrects the errors in original processing charges,
- It moves cost between funds defined by project scopes,
- The cost transfers reallocates the shared services,
- It transfers the pre-awarded costs as per the provisions of OMB federal requirements.
What are the inappropriate circumstances of cost transfers?
Though cost transfers is one of the most important factors of the business, it has some inappropriate circumstances like
- In order to utilize the unexpected balance the transfer is done.
- Inconvenience is the other cause for cost transfers.
- The transfer is done in order to avoid the restriction that is imposed by law.
- Transfers to some activities that are sponsored by the industries or foreign investments.
Different types of cost transfers:
Cost transfer mainly fall into two categoriesâ€”
Transfers of Non-Salary/Fringe Expenditures and Transfers of Salary/Fringe Expenditures. However, these two depend on the following factors:-
- Transfer of non-salary/fringe expenditure:
It depends on the following factors-
- This type of cost transfer should be performed only by using Web CV.
- Moving any transaction onto the sponsored projects and the main entry that has an effective date more than 90 days in the past. In this case, the requester must complete the questions of the Justification Form.
- But the distribution of copier, phone, does not require to complete any Jurisdiction form.
- Transfers of Salary/Fringe Expenditures:
On the other hand, the transfer of salary/fringe expenditures depends on the following factors-
- This method is used with the change of status mechanism of the human resource management system. But when the system is not appropriate the pay CV is used.
- Moving any transaction onto the sponsored projects and the main entry that has an effective date less than 90 days in the past the requester must complete the questions of the Jurisdiction form.
- Moving any transaction onto the sponsored projects and the main entry that has an effective date greater than 90 days in the past the Jurisdiction form will be completed automatically.
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