answersLogoWhite

0

A gain contingency is where a gain will incur if certain future events incur or not occur while loss contingency is the posting of a future loss that may result from some event or happening

User Avatar

Wiki User

13y ago

What else can I help you with?

Related Questions

What is difference between abnormal loss and abnormal gain?

if the actual loss is greater than normal loss. it is known as abnormal loss but if the actual loss is less than normal loss a gain is obtained which is called abnormal gain or effectiveness


Can you deduct an accrued loss contingency for tax purposes?

no


What is foreign exchange gain loss?

It's a foreign exchange gain or loss, so when you exchange currencies, you can either make a gain or a loss from it (profit or loss).


Realized gain or loss is measured by the difference between the amount realized from the sale or other disposition of property and the property's adjusted basis at the date of disposition?

Realized gain or loss is measured by the difference between the amount realized from the sale or other disposition of property and the property's adjusted basis at the date of dispositionAnswer: TrueRealized gain or loss is the difference between the amount realized and the property's adjusted basis.


State and explain differences between insurance and ledging?

Hedging eliminates the risk of loss by giving up the potential to gain. With insurance you pay a premium to avoid loss and keep the potential to gain.


What best exemplifies a contingency that is reported in the notes to the financial statements?

Estimated loss from an ongoing lawsuit


How do you treat unrealized foreign exchange gain or loss?

Unrealised foreign exchange gain and loss is moved through equity while realised gain and loss is charged to profit and loss.


Is unrealized gain or loss taxable?

No generally, it is not taxable until the gain/loss is recognized.


Is the sale of stock a gain or loss?

Gain


Does war provide gain or loss?

Well im not reallly sure it kind of provides gain and loss. mostly loss


Difference between debit and credit in accounting?

A debit is money paid out or a loss, a credit in income or a gain.


How are chemical elements most often transferred between different topic levels?

their gain or loss of electrons