Which of the following statements is FALSE?

A.Deficits resulting from investments in longterm projects are often financed using longterm sources of capital, such as equity or longterm bonds.

B. If a company anticipates an ongoing surplus of cash, it may choose to increase its dividend payout.

C.The first step in shortterm financial planning is to forecast the company's future net working capital.

D.Seasonal sales can create large shortterm cash flow deficits and surpluses.