Which of the following statements regarding provisions and contingent liabilities is false?

1. contingent liabilities are disclosed in the notes to the financial statements, unless the possibility of an outflow of resources is remote.
2. a provision should be recognized when (among other things) it is probable that an outflow of resources will be required to settle the obligation.
3. probable is defined as "likely", whereas under U.S. GAAP, probable is defined as "more-likely than not"
4. a contingent liability is not recognized on the balance sheet, whereas a provision is.