Which is false regarding capital budgeting?

Group of answer choices

A. If securities are fairly priced and the firms capital structure is stable, the NPV of a fixed set of cash flows is independent of how those cash flows are financed.

B. When computing free cash flow, the tax effect from depreciation is negative.

C. When a firm takes on positive NPV projects, it benefits shareholders regardless of inter-temporal consumption needs if there is a good borrowing/lending market.

D. If a decision does not affect a cash flow then the cash flow should not affect our decision.

E. None of the statements is false.