Indicate whether the following statements are true or false:

Answer $1$

$1.$ Generally Accepted Accounting Principles $($GAAP$)$ are essentially identical in most developed countries.

Answer $2$

$2.$ Net Income is another name for revenue.

Answer $3$

$3.$ The Securities and Exchange Commission $($SEC$)$ is a governmental agency that regulates the stock market and enforces reporting standards for publicly traded corporations.

Answer $4$

$4.$ The purpose of an audit is to prove the accuracy of an entity's financial statements.