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Realizing means that it has happened, recognizing means booking the entry. So realizing an unrecognized gain means you had a gain that hasn't been accounted for. And recognizing an unrealized gain means yuou did the accounting but don't haven't received the gain yet.

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Q: What are the differences between realizing unrecognized gains and recognizing unrealized gains?
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Related questions

Why is unrealized gross profit considered a liability in the balance sheet?

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