A projection is a prospective financial statement that ________?
1) reports in the form of financial statements, information that is the representation of management without undertaking to express any assurance on the statements.
2) presents an entity's expected financial position, results of operations, and cash flows for future periods, to the best of the responsible party's knowledge and belief.
3) presents an entity's financial position, results of operations, and cash flows, to the best of the responsible party's knowledge and belief, given one or more hypothetical assumptions.
4) presents an entity's audited financial position, results of operations, and cash flows, to the best of the responsible party's knowledge and belief, given one or more hypothetical assumptions.