Question $5$

What is a contingency?

An existing situation where uncertainty exists as to possible gain or loss that will be resolved when one or more future events occur or fail to occur.

An existing situation where uncertainty exists as to possible loss that will be resolved when one or more future events occur.

An existing situation where uncertainty exists as to possible gain or loss that will not be resolved in the foreseeable future.

An existing situation where certainty exists as to a gain or loss that will be resolved when one or more future events occur or fail to occur.