Please indicate if the following statements are true false or not always true

1. The current GAAP is more based on the transaction approach, which is more focused on the accounts on the income statement

2. Pro forma earnings should be created based on GAAP

3. The Graham, Campbell, and Rajgopal article shows that the earnings guidance can increase agency cost by discouraging managers from focusing on long-term value increase

4. Current cash flow is a better proxy for future cash flows than current earnings

5. Cost of equity is a minimum rate of return that investors require in the market