Which of the following statements about contingent assets and contingent liabilities are correct?
1    A contingent asset should be disclosed by note if an inflow of economic benefits is probable.
2    A contingent liability should be disclosed by note if it is probable that a transfer of economic benefits to settle it
      will be required, with no provision being made.
3    No disclosure is required for a contingent liability if it is not probable that a transfer of economic benefits to settle
      it will be required.
4    No disclosure is required for either a contingent liability or a contingent asset if the likelihood of a payment or
      receipt is remote.
A   1 and 4 only
B   2 and 3 only
C   2, 3 and 4
D   1, 2 and 4

A

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