The accounting term for an uncertain circumstance involving a potential gain or loss that will NOT be resolved until the future is a(n)

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A contingency is an uncertain circumstance that may result in a gain or loss in the future. This typically requires an estimation of the possible outcome and may result in the creation of a liability or asset on the balance sheet. Extraordinary items are rare events that are both unusual and infrequent, while a pension is a retirement plan for employees. A deferred liability is a type of liability that will be paid in the future but has not yet been realized.

The Accounting Term for an Uncertain Circumstance Involving a Potential