Question: Different from a loss contingency, a gain contingency Usually is not reflected in the financial statements and would contain adequate disclosure of the contingency that

Different from a loss contingency, a gain contingency Usually is not reflected in the financial statements and would contain adequate disclosure of the contingency that is not misleading as to the likelihood of realization Usually is not recognized in the financial statements and no disclosure is ever needed Usually is reflected in the financial statements and a full disclosure containing all possible outcomes of the contingency whether likely or not Usually is reflected in the financial statements but no disclosure is necessary

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