Which of the following is not true about IRR and NPV?

1. IRR assumes cash flows are reinvested at the firms IRR, whereas, NPV assumes cash flows are reinvested at the firms WACC.
2. The timing of cash flows impacts both IRR and NPV.
3. A large cash outflow hurts NPV more than it does IRR.
4. They provide the same accept or reject decisions for independent projects.