Which of the following statements is FALSE?

• A. Occasionally, a firm may pay a one-time, special dividend that is usually much larger than a regular dividend.
• B. The way a firm chooses between paying dividends and retaining earnings is referred to as its payout policy.
• C. From an accounting perspective, dividends generally reduce the firm's current (or accumulated) retained earnings.
• D. Most companies that pay dividends pay them semiannually.