It Is Illegal for the Contractor to Overstate the Hours

question 145

True/False

It is illegal for the contractor to overstate the hours or costs.

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Definitions:

Debits

The left side of an accounting ledger where increases in expenses, assets, or decreases in liabilities and equities are recorded.

Credits

Entries in the accounting system that represent an increase in liabilities or equity or a reduction in assets, commonly associated with income and receipts.

Capital

Financial assets or the financial value of assets, such as funds held in deposit accounts or funds obtained from special financing sources.

Normal Balance

The side of the accounting equation on which increases to an account are recorded, typically debit for assets and expenses, and credit for liabilities, equity, and revenue.