Which of the Following Statements Is Incorrect with Respect to the Federal

Which of the following statements is incorrect with respect to the federal funds market?

A) It allows depository institutions to accommodate the short-term liquidity needs of other financial institutions.
B) Federal funds purchased represent an asset to the borrowing bank and a liability to the lending bank that sells them.
C) The federal funds market is typically most active on Wednesday, because that is the final day of each particular settlement period for which each bank must maintain a specified volume of reserves required by the Fed.
D) All of the above are true with respect to the federal funds market.