What term describes existing conditions with uncertainty regarding potential gains or losses, resolvable by future events?

The term that describes existing conditions with uncertainty regarding potential gains or losses that can be resolved by future events is "contingencies." In accounting and finance, contingencies refer to situations where outcomes depend on certain future events that are uncertain. These can include potential liabilities or gains that might arise from lawsuits, warranty claims, or other financial events that are yet to be realized.

The concept of contingencies is critical because it helps organizations prepare for uncertain outcomes that could significantly impact their financial status. Properly reporting contingencies allows stakeholders to understand the risks associated with the company’s financial condition.

Commitments, on the other hand, refer to obligations that a company has agreed to undertake but have not yet been executed, such as future contracts or projects. Obligations are debts or responsibilities that a company is legally bound to pay or deliver, representing certain and unavoidable financial responsibilities. Assets refer to resources owned by an entity that are expected to provide future economic benefits. While assets can be affected by contingencies, they do not inherently involve uncertainty regarding potential gains or losses as described in the question.