Identify the one false statement about exchange rate exposure:

$($A$)$ Contractual exposure includes loans denominated in FC and forward currency contracts.

$($B$)$ If all contractual exposure is continuously hedged, a company is only exposed to operating exposure.

$($C$)$ Accounting exposure does not directly affect cash flows.

$($D$)$ Operating exposure may exist if a company exports its products.

$($E$)$ Operating exposure may exist if a company does not export its products.