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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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C is the correct answer

All the contingent liabilities need to be reported as the liabilities of the financial statement, even those that are not likely to occur. Thus option C is correct.

What is contingent liability?

The contingent liabilities are those indirect labilities that responsibility is based on the outcome of a specific event that gives the coverage for the losses of the third party. As it depends on the outcomes of an uncertain future.

Find out more information about contingent liability.

brainly.com/question/17371330.

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