Contingent gains may be accrued if they are certain to be realized.

Name: Contingent gains may be accrued if they are certain to be realized.
Brand: Quizplus
Rating: 4.9 (35 reviews)

Question

Quizplus · Accepted Answer

Contingent gains refer to potential gains that are dependent on specific conditions or events. If these conditions are certain to be met, then the gains may be accrued and recognized in financial statements. However, if there is uncertainty regarding whether the conditions will occur, then the gains cannot be accrued until the uncertainty is resolved.

Contingent Gains May Be Accrued If They Are Certain to Be