Which of the Following Cash Flow Statements Is FALSE

Which of the following cash flow statements is FALSE?

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