Which of the Following Statements Is Untrue

Which of the following statements is untrue?

A) All of the following accounts are included in the calculation of a business's working capital: cash, accounts receivable, inventory and accounts payable.
B) It is rare for a large business's cash flow in a period to be the same as its profit in the same accounting period.
C) It is not appropriate to develop an aging of accounts receivable schedule that spans a period in excess of 90 days.
D) The importance of producing cash budgets is particularly apparent in a business that experiences highly seasonal sales volatility.
E) Inventory carrying costs include: the opportunity cost of the money tied up in inventory, cost of insuring the inventory, pilferage costs, inventory handling costs and the cost of maintaining inventory storage space.