Describe How to Account for and Report on Contingent Liabilities

question 54

Essay

Describe how to account for and report on contingent liabilities.

---

Definitions:

Strategic Defense Initiative

A proposed missile defense system announced by President Ronald Reagan in 1983, intended to protect the United States from attack by ballistic strategic nuclear weapons.

Soviet Missiles

Ballistic missiles developed and deployed by the Soviet Union during the Cold War, which were central to the nuclear arms race between the Soviet Union and the United States.

Soviet Union

The Soviet Union, formally known as the Union of Soviet Socialist Republics (USSR), was a federal socialist state in Eurasia that existed from 1922 to 1991.

Navy Vessels

Ships and boats used by the navy of a nation for warfare, patrol, or support roles.