Which of the following statements is false?
a. A contingent liability should be disclosed in the notes to the financial statements if there
is a reasonable possibility that a loss (or expense) will occur.
b. All contingent liabilities should be reported as liabilities on the financial statements,
even those that are unlikely to occur.
c. A contingent liability is a potential obligation that depends on the future outcome of past
d. A contingent liability should be accrued if the loss is probable and the amount of the
loss can be reasonably estimated.
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