The Three Types of Guarantees Involved with Commercial Banks Include

question 23

True/False

The three types of guarantees involved with commercial banks include the loan guarantee, a distraint guarantee, and a bill of lading guarantee.

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Definitions:

Asset Account

An account on a company's balance sheet that represents a resource with economic value that an entity owns or controls.

Journal

An official financial record in which transactions are recorded in chronological order before they are transferred to accounts in the general ledger.

Ledger Accounts

Records that reflect the financial transactions of a company, organized within a book or a computerized accounting system.