Debt Guarantees Are Usually Disclosed as a Contingent Liability

question 76

True/False

Debt guarantees are usually disclosed as a contingent liability.

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Definitions:

World War II

A global conflict that occurred from 1939 to 1945, involving most of the world's nations and resulting in significant political, social, and economic changes.

Welfare Program

Governmental provision of economic assistance to persons in need.

U.S. Government

The federal government of the United States, comprising the executive, legislative, and judicial branches.

Means-Tested

Describes a program in which benefits are available only to individuals or families whose incomes fall below a certain level.