True or False:

1. Transactions that result in significant investing and financing activities bu that do not involve cash are reported either directly after the statement of cash flows or in a note to the financial statements

2. Nonoperating items that increase net income, such as gains on the sale of fixed assets, must be added in calculating operating cash flows

3. An increase in a current asset account, other than cash, results in an addition in calculating operating cash flows.

4. A decrease in accounts payable results in a subtraction in calculating operating cash flows.