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24 June, 17:43

Which of the following statements is false?

A. A contingent liability is a potential obligation that depends on the future outcome of past events.

B. 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.

C. All contingent liabilities should be reported as liabilities on the financial statements, even those that are unlikely to occur.

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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  1. 24 June, 18:12
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    C is the correct answer
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