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 events.

d. A contingent liability should be accrued if the loss is probable and the amount of the loss can be reasonably estimated.