Detailed Explanation:

Acrylic is a synthetic polymer derived from petrochemicals (acrylonitrile), not cotton, and is known for its wool-like properties, not silk-like shine.

Rayon (viscose) is the fiber actually called artificial silk because it is derived from natural cellulose (wood pulp/cotton linters) and has a silk-like sheen and drape.

Option 1 is correct (cotton absorbs moisture for summer comfort), Option 2 is correct (polycarbonate is used in CDs for its transparency and durability), and Option 4 is correct (Teflon/PTFE provides non-stick coating).

Therefore, Statement 3 is incorrect as acrylic is not prepared from cotton nor called artificial silk, making Option 3 the correct answer.