Gain contingencies usually are recognized in a company's income statement when:
A)The gain is certain.
B)The amount is reasonably estimable.
C)The gain is reasonably possible and the amount is reasonably estimable.

Question

Quizplus · Accepted Answer

Gain contingencies are recognized in a company's income statement only when the gain is certain, ensuring that financial statements reflect accurate and reliable information.

Gain Contingencies Usually Are Recognized in a Company's Income Statement