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Which of the following statements regarding contingencies is true? 1. Contingencies that are probable and not estimable appear on the balance sheet. 2. Contingencies that

Which of the following statements regarding contingencies is true?

1. Contingencies that are probable and not estimable appear on the balance sheet.

2. Contingencies that are probable and not estimable are disclosed in the notes to the financial statements.

3. Contingencies that are remote but estimable are disclosed in the notes to the financial statements

4. Contingent assets are recorded on the balance sheet, but not in the notes to the financial statements.

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