Which of the following is TRUE?

A) Net working capital represents the difference between current assets and long-term liabilities. B) With the matching approach to meeting the financing needs of the firm, fixed and permanent current assets are financed with short-term debt. C) The conservative approach to the financing of a firm's current assets uses a relatively high proportion of short-term debt and a relatively low proportion of long-term debt. D) Under a conservative approach to working capital management, a firm tends to hold a relatively large proportion of its total assets in the form of current assets. E) A firm's cash conversion cycle is equal to its operating cycle plus its payables deferrable period.