Yep.
Though sometimes it's not a bad idea to have one monitor per GPU due to VRAM usage. For example, if you game on say a GTX770 2GB card and connect it to your gaming monitor and use an iGPU (in an Intel i5) for the 4K monitor.
I've never really worked out how much GPU processing and VRAM usage is used up by another monitor especially a 4K monitor.
If you run a game FULLSCREEN then Windows can move the non-game video data to System Memory (i.e. DDR3) if need be and suspend the non-gaming programs.
However, if you have a second monitor that's not used for gaming that data has to stay in active use thus using some of the GPU and VRAM.
I did some testing once for my 1440p, GTX680 2GB, i7-3770K setup...
a) After web browsing and using...