True or False:

1) Generally accepted accounting principles, or GAAP, encompass the rules, practices, and procedures that define the proper execution of accounting.

2) The International Accounting Standards Board (IASB) is the same as the FASB. The standards of the IASB are oftentimes referred to as IFRS (International Financial Reporting Standards).

3) The increase in Accounts Receivable should be deducted from the net income.

4) A decrease in Accounts Payable should be added to the net income.