Which one below is False?
a. Under GAAP, current liabilities can only arise due to normal business practices and customs.
b. Under GAAP, an item is a current liability if it will be paid within the next 12 months or the operating cycle, whichever is longer.
c. Under Gaap, a liability is only recognized if it is a present obligation.
d. Under GAAP, current liabilities are presented before non current liabilities.