Which one of the following statements is incorrect?

The payback period considers the amount but not the timing of some of a project's cash flows.

The payback rule is biased in favor of short-term projects.

A longer payback period is preferred over a shorter payback period.

The payback period ignores the time value of money.

The payback rule states that you should accept a project if the payback period is less than a stated cut off point.