Which of the following statements are false regarding collection float?

		I Collection float is the time that elapses between when a customer mails a payment and when the check clears the banking system.
		II Collection float is equal to the sum of mail delay, processing delay, and availability delay.
		III Collection float increases book balances but does not immediately change available balances.
		a. I only
		b. II only
		c. I and III only
		d. II and III only
		e. I, II and III