Under GAAP, the Rules for Recording Contingent Gains and Contingent

Multiple Choice

Under GAAP, the rules for recording contingent gains and contingent losses say that, if they are probable and can be reasonably estimated:

A) Both contingent gains and losses are recognized.
B) Contingent losses are recognized, but contingent gains are not.
C) Contingent gains are recognized, but contingent losses are not.
D) Neither contingent gains or losses may be recognized.