Which statement is true concerning off$-$balance sheet financing? $1.)$ It is a violation of GAAP and causes total liabilities to be understated, $2.)$ It allows a company to overstate its debt to assets ratio, $3.)$ It occurs when companies report liabilities on the income statement as expenses rather than liabilities on the balance sheet, $4.)$ It is an intentional effort by a company to structure its financing arrangements to avoid showing liabilities on its balance sheet.