A Personal Statement about the Things I Have Learned in...

The issues, ideas, concepts, and facts I learned in this course have stimulated my imagination and ability to think critically. I have been intrigued most by learning about art through history, from Caravaggio to Munch. The topic that confused and bothered me the most was related to the American Civil War, which illuminates the dark side of the countrys history. Because of my future ambitions, I believe that our understanding of why Hollywood became the center of the movie industry over other cities is useful knowledge to me personally. However, I also believe that checking historical facts and verifying knowledge will become critical in my future career. The questions I would most like to ask my classmates in this course include those related to the painter Caravaggio because of the unique way the painter renders light and shadow. Painting has always intrigued me, because of the astonishing breadth and variety evident in art throughout history. In this course, we learned about en plein air, or open air painting traditions in Europe and the United States. The en plein air techniques are taken for granted now because we see painters working outside regularly. However, before the nineteenth century, it was relatively rare to see artists with their easels and paint palettes working out of doors. The work artists did was confined to their studios. Even with en plein air painters, studios are places where the artist performs much of their craft. Artists will create and blendShow MoreRelatedWhy I Am A English?947 Words   |  4 Pagesskills that I can now apply to future writing projects. Among many things, the three lessons that I got the most use out of are the following; how to correctly structure an essay, different methods of writing, and the personal growth that I’ve had since taking this class. With En glish being my second language, it is difficult for me to express myself in writing form. 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Resource Allocation Paper - 2424 Words

Resource Allocation Paper Jody Bryant, Vann Haigler, Rose Matos, and James Sampson University of Phoenix Mark Fechtel May 25, 2006 Resource Allocation Paper Project management is the discipline of defining and achieving targets while optimizing the use of resources: time, money, people, materials, energy, space, etc., over the course of a project. The most important resources that project managers have to plan and manage on day-to-day basis are people, materials, equipment and working capital. Obviously, if these resources are available in abundance then the project could be accelerated to achieve shorter project duration. On the other hand, [Avoid using colloquial language, slang or jargon in formal†¦show more content†¦She will be responsible for overseeing Big Time Builders, Keep-em Happy Architectural, Martin Grading, and other of contractors such as electrical, plumbing, mechanical, and industrial engineers. James Vann Haigler is functional manager over quality assurance. 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Chapter 18 Solutions Free Essays

EXERCISE 18-1 (10-15 minutes) Add or deduct from accounting income (a)2deduct (b)1add (c)3add (d)1add (e)2deduct (f)2deduct (g)1add (h3deduct (i)3deduct (j)1add (k)1add (l)1add EXERCISE 18-3 (15-20 minutes) (a) Accounting income$105,000 Permanent differences: Non-deductible fines 11,000 116,000 Timing differences: Excess of CCA over amortization (16,000) Excess rent collected over rent earned? 24,000 Taxable income$124,000 Current income taxes – 30% $37,200 (b) Deductible Balance(Taxable)Future TaxCurrent SheetTemporaryTax AssetLong- AccountDifferencesXRate(Liability)Term PP E($16,000)*30%($4,800) LT Unearned Rent revenue 24,00030% 7,200C Future income tax asset, Dec. 31, 20092,400 Future income tax asset before adjustment 0 Incr. in future income tax asset and future income tax benefit for 2009$2,400 *Carrying amount and tax basis are not given in the exercise, only the net difference (c)Current Income Tax Expense37,200 Income Tax Payable37,200 Future Income Tax Asset? 7,200* Future Income Tax Benefit2,400 Future Income Tax Liability? 4,800* *or a net debit to Future Income Tax Asset of $2,400 Because of a flat tax rate, these totals can be reconciled: $24,000 – $16,000) X 30% = $7,200 + ($4,800). We will write a custom essay sample on Chapter 18 Solutions or any similar topic only for you Order Now EXERCISE 18-3 (Continued) (d)Income before income taxes$105,000 Income tax expense Current$37,200 Future benefit? (2,400)? 34,800 Net income$70,200 (e) Divided by Accounting @ 30% Income Accounting income $ 105,000 31,500 30. 0% Non-deductible fines 11,000 3,300 3. 1% 34,800 33. 1% Effective tax rate ($34,800/$105,000)33. 1% (f)Current assets Future income tax asset$7,200 Non-Current liabilities Future Income Tax Liability4,800 EXERCISE 18-9 (15-20 minutes) (a) Balance Deductible Sheet (Taxable) Future Tax AccountCarryingTaxTemporaryTaxAsset Dec. 31, 2008AmountBasisDifferencesRate(Liability) Warranty liability($130,000)$0 $130,000 25%$32,500 Future income tax asset, December 31, 200832,500 Future income tax asset before adjustment 0 Increase in future income tax asset and future income tax benefit for 2008$32,500 Future years Total200920102011 Deductible temporary difference Warranty liability $130,000 $50,000 $35,000 $45,000 Tax rate enacted for the year 25%25%25% Future tax asset $32,500 $12,500 $8,750 $11,250 EXERCISE 18-9 (Continued) (b)2008 Accounting income$135,000 Permanent differences:-0- Timing difference: Warranty expense warranty costs incurred 130,000 Taxable income 265,000 Current income taxes – 25%$66,250 (c) Current Income Tax Expense66,250 Income Tax Payable 66,250 Future Income Tax Asset32,500 Future Income Tax Benefit32,500 (d)Income before income taxes$135,000 Income tax expense Current$66,250 Future benefit? (32,500) 33,750 Net income$101,250 EXERCISE 18-15 (40-45 minutes) (a) Basic Calculations of Capital Cost Allowance, Amounts and Balances: C-B (A)(B)A – B(C)Timing YearBaseCCAUCCAmort. NBVDifference 2007 $600,000 X 40 % X . $ 120,000 $ 480,000 $120,000$480,000$0 2008 480,000 X 40 % 192,000 288,000 120,000360,000(72,000) 2009 288,000 X 40 % 115,200 172,800 120,000240,0004,800 2010 172,800 X 40 % 69,120 103,680 120,000120,00050,880 2011 103,680 X 40 % 41,472 62,208120,000078,528 $537,792 (b) 20072008200920102011 Accounting income $ 340,000 $340,000 $340,000 $340,000 $ 340,000 Timing difference – (72,000) 4,8 00 50,880 78,528 Taxable income $ 340,000 $268,000 $344,800 $390,880 $ 418,528 X 34 %X 34 %X 34 %X 34 %X 34 % Income taxes payable$115,600$91,120$117,232$132,899$142,300 EXERCISE 18-15 (Continued) (c) and (d) 2007 Balance Deductible Sheet (Taxable) Future Tax AccountCarryingTaxTemporaryTaxAsset Dec. 31, 2007AmountBasisDifferencesRate(Liability) Property Plant Equipment$480,000 $480,000 034%$0 Future income tax asset/liability, December 31, 20070 Future income tax asset/liability before adjustment 0 Increase in future income tax liability and future income tax expense for 2007$0 Current Income Tax Expense115,600 Income Taxes Payable? 115,600 ($340,000 X 34%) part (a) EXERCISE 18-15 (Continued) (c) and (d) continued 008 Balance Deductible Sheet (Taxable) Future Tax AccountCarryingTaxTemporaryTaxAsset Dec. 31, 2008AmountBasisDifferencesRate(Liability) Property Plant Equipment$360,000$288,000 (72,000)34%($24,480) Future income tax liability, December 31, 2008(24,480) Future income tax liability before adjustment 0 Increase in future income tax liability and future income tax expense for 2008($ 24,480) Current Income Tax Expense91,120 Income Taxes Payable? 91,120 ($268,000 X 34%) part (a) Future Income Tax Expense24,480 Future Income Tax Liability? 24,480 EXERCISE 18-15 (Continued) (c) and (d) continued 2009 Balance Deductible Sheet (Taxable) Future Tax AccountCarryingTaxTemporaryTaxAsset Dec. 31, 2009AmountBasisDifferencesRate(Liability) Property Plant Equipment$240,000$172,800 ($67,200)34%($22,848) Future income tax liability, December 31, 2009(22,848) Future income tax liability before adjustment (24,480) Decrease in future income tax liability and future income tax benefit for 2009$1,632 2009 Current Income Tax Expense117,232 Income Taxes Payable? 117,232 ($344,800 X 34%) part (a) Future Income Tax Liability1,632 Future Income Tax Benefit? 1,632 EXERCISE 18-15 (Continued) (c) and (d) continued 2010 Balance Deductible Sheet (Taxable) Future Tax AccountCarryingTaxTemporaryTaxAsset Dec. 31, 2010AmountBasisDifferencesRate(Liability) Property Plant Equipment$120,000$103,680 ($16,320)34%($5,549) Future income tax liability, December 31, 2010(5,549) Future income tax liability before adjustment (22,848) Decrease in future income tax liability and future income tax benefit for 2010$17,299 2010 Current Income Tax Expense132,899 Income Taxes Payable? 132,899 ($390,880 X 34%) part (a) Future Income Tax Liability17,299 Future Income Tax Benefit? 17,299 EXERCISE 18-15 (Continued) (c) and (d) continued 2011 Balance Deductible Sheet (Taxable) Future Tax AccountCarryingTaxTemporaryTaxAsset Dec. 31, 2011AmountBasisDifferencesRate(Liability) Property Plant Equipment$0$62,208 $62,20834%$21,151 Future income tax asset, December 31, 201121,151 Future income tax liability before adjustment (5,549) Increase in future income tax asset and future income tax benefit for 2011$26,700 2011 Current Income Tax Expense142,300 Income Taxes Payable? 142,300 ($418,528 X 34%) part (a) Future Income Tax Liability5,549* Future Income Tax Asset21,151* Future Income Tax Benefit? 26,700 *Alternately, a debit to Future Tax Asset26,700 EXERCISE 18-15 (Continued) (e) 2007 Current Income Tax Expense115,600 Income Taxes Payable? 115,600 ($340,000 X 34%) 2008 Current Income Tax Expense91,120 Income Taxes Payable? 91,120 ($268,000 X 34%) 2009 Current Income Tax Expense117,232 Income Taxes Payable? 117,232 ($344,800 X 34%) 2010 Current Income Tax Expense132,899 Income Taxes Payable? 132,899 ($390,880 X 34%) 2011 Current Income Tax Expense142,300 Income Taxes Payable? 142,300 ($418,528 X 34%) PROBLEM 18-9 Part 1. (a) Mixed tax rates Future years 20092010201120122013Total Future taxable amounts ($300) ($300) ($300) ($200) ($100) ($1,200) Tax rate enacted for the year 30%30%30%35%35% Future tax (liability) ($90) ($90) ($90) ($70) ($35) ($375) Future years 20092010201120122013Total Future deductible amounts $1,800 $1,800 Tax rate enacted for the year 30%30%30%35%35% Future tax asset – – – $ 630 – $ 630 PROBLEM 18-9 (Continued) Part 1. (a) Balance Deductible Sheet (Taxable) Future Tax AccountCarryingTaxTemporaryTaxAsset Dec. 31, 2008Amount*Basis*DifferencesRate(Liability) Property Plant Equipment($1,200)Mixed($375) Litigation Liability1,800Mixed630 Future income tax asset, December 31, 2008255 Future income tax liability before adjustment (500) Increase in future income tax asset and future income tax benefit for 2008$755 * not given in the problem Part 1. part (b) Current Income Tax Expense1,200 Income Tax Payable1,200 ($4,000 X 30%) Future Income Tax Asset/Liability755 Future Income Tax Benefit755* *Alternately: Future Income Tax Asset630 Future Income Tax Liability125 Future Income Tax Benefit755 PROBLEM 18-9 (Continued) Part 2. (a) Mixed tax rates Future years 2009201020112012Total Future taxable amounts ($400) ($400) ($400) ($400) ($1,600) Tax rate enacted for the year 30%30%30%35% Future tax (liability) ($120) ($120) ($120) ($140) ($500) Future years 2009201020112012Total Future deductible amounts $3,000 $3,000 Tax rate enacted for the year 30%30%30%35% Future tax asset – – $900 – $900 PROBLEM 18-9 (Continued) Part 2. (a) Balance Deductible Sheet (Taxable) Future Tax AccountCarryingTaxTemporaryTaxAsset Dec. 31, 2008Amount*Basis*DifferencesRate(Liability) Property Plant Equipment($1,600)Mixed($500) Litigation Liability3,000Mixed900 Future income tax asset, December 31, 2008400 Future income tax asset before adjustment 600 Decrease in future income tax asset and future income tax expense for 2008$200 * not given in the problem Part 2. part (b) Current Income Tax Expense1,200 Income Tax Payable1,200 ($4,000 X 30%) Future Income Tax Expense200* Future Income Tax Asset200* *Alternately: Future Income Tax Expense200 Future Income Tax Asset300 Future Income Tax Liability500 PROBLEM 18-9 (Continued) (c) Part 1 – All balance sheet related accounts are non-current Pirates Corp. Balance Sheet December 31, 2008 Non-current assets Future income tax asset$255 Part 2 – All balance sheet related accounts are non-current Eagles Corp. Balance Sheet December 31, 2008 Non-current assets Future income tax asset$400 PROBLEM 18-12 (a)2007 Income Tax Refund Receivable—20047,500 ($25,000 X 30%) Income Tax Refund Receivable—200518,000 ?($60,000 X 30%) Income Tax Refund Receivable—200632,000 ($80,000 X 40%) Current Income Tax Benefit (Due to Loss Carryback)57,500 Note:An acceptable alternative is to record only one Income Tax Refund Receivable account for the amount of $57,500. Future Income Tax Asset18,000 Future Income Tax Benefit (Due to Loss Carryforward)18,000 ($210,000 – $25,000 – $60,000 – $80,000 = $45,000) ($45,000 X 40% = $18,000) 2008 Current Income Tax Expense10,000 Income Tax Payable? 10,000 [($70,000 – $45,000) X 40%] Future Income Tax Expense18,000 Future Income Tax Asset18,000 ($18,000 – $0) 2009 Current Income Tax Expense31,500 Income Tax Payable ($90,000 X 35%)31,500 PROBLEM 18-12 (Continued) (b)One or more income tax refund receivable accounts totalling $57,500 will be reported under current assets on the balance sheet at December 31, 2007. This type of receivable is usually listed immediately above inventory in the current asset section. This receivable is normally collec ¬tible within two months of filing the amendment to the tax returns reflecting the carryback. A future income tax asset of $18,000 should also be classified as a current asset because the benefits of the loss carryforward are expected to be realized in the year that immediately follows the loss year, which means the benefits are expected to be realized in 2008. A current future income tax asset is usually listed at or near the end of the list of current assets on the balance sheet. Also, retained earnings is increased by $75,500 ($57,500 + $18,000) as a result of the entries to record the benefits of the loss carryback and the loss carryforward. (c)2007 Income Statement Operating loss before income taxes($210,000) Income tax benefit Current benefit due to loss carryback$57,500 Future benefit due to loss carryforward? 18,000 75,500 Net loss($134,500) (d)2008 Income Statement Income before income taxes$70,000 Income tax expense Current$10,000a Future? 18,000? 28,000 Net income$42,000 a [($70,000 – $45,000) X 40%] PROBLEM 18-12 (Continued) (e)2007 Income Tax Refund Receivable—20047,500 ($25,000 X 30%) Income Tax Refund Receivable—200518,000 ($60,000 X 30%) Income Tax Refund Receivable—200632,000 ?($80,000 X 40%) Current Income Tax Benefit (Due to Loss Carryback)57,500 Note:An acceptable alternative is to record only one Income Tax Refund Receivable account for the amount of $57,500. Although the tax benefit is not recognized in the accounts, Mearat Inc. has a tax loss carryforward of $45,000 which should be disclosed. 2008 Current Income Tax Expense10,000 Income Tax Payable? 10,000 [($70,000 – $45,000) X 40%] 2009 Current Income Tax Expense31,500 Income Tax Payable ($90,000 X 35%)31,500 (f)2007: entry for current taxes – no change 2007: if a valuation allowance is used, the full benefit and future tax asset related to the tax loss carryforward is recognized and then offset by the allowance, as follows. Future Income Tax Asset18,000 Future Income Tax Benefit (Due to Loss Carryforward)18,000 ($45,000 X 40% = $18,000) Problem 18-12 (f) (Continued) Future Income Tax Expense18,000 Allowance to Reduce Future Income Tax Asset to Realizable Value)18,000 ($18,000 – $0) 2008: entry for current taxes – no change 2008: because the tax loss carryforward has now been used, both the amount in the future tax account and in its allowance account must be removed, as follows. Future Income Tax Expense (Due to Use of Loss Carryforward)18,000 Future Income Tax Asset18,000 Allowance to Reduce Future Income Tax Asset to Realizable Value18,000 Future Income Tax Benefit (from Adjustment of Allowance)18,000 Alternatively, one entry could have been made: Allowance to Reduce Future Income Tax Asset to Realizable Value18,000 Future Income Tax Asset18,000 2009: No change to part (e) entry. (g)2007 Income Statement Operating loss before income taxes($200,000) Income tax benefit Current benefit due to loss carryback? 57,500 Net loss($142,500) 2008 Income Statement Income before income taxes$70,000 Income tax expense – Current a 14,000 Net income$56,000 a [($70,000 – $35,000) X 40%] PROBLEM 18-12 (Continued) h)Using the valuation allowance instead of applying the reduction in value directly does not have any impact on cash flows. The use of the contra allowance simply permits the recording of the full benefits associated with all future deductible amounts in the asset account. This facilitates tracking for management purposes. It has no use for financial reporting purposes except, perhaps, for the transparency of the information. Readers can see the total possible benefits and the extent to which management has judged they will not be realized. Use of the allowance has no impact on cash flows. How to cite Chapter 18 Solutions, Essay examples

Management Component Corporate Profitably â€Myassignmenthelp.Com

Question: Discuss About The Management Component Corporate Profitably? Answer: Introducation The primary setting up or establishment of a company depends on various factors but the ultimate binding factor is management. Even when the building for the organization is built, management at different levels of hierarchy is carried out in order to complete the task in a better way rather the best way. Therefore whatever may be the task, management at each and every level is a mandatory process. Similarly in case of an organization, the most fundamental procedure is planning. Planning by the managers regarding marketing strategies to be used, improvement programs to be implemented, scheduling the required employee trainings and other components require management. Therefore a major function of management is planning. But before implementing planning in management, it is very important for the managers to know as to what exactly the subject matter for planning. The subject matter for planning can only be known when it is clear as to what crisis or matter that requires planning will arise in the future. Management of corporate finance also requires proper planning (Agrawal and Matsa 2013). Corporate finance generally refers to all the financial functions that are implemented and practiced within a company. The professionals that are in charge of corporate financing inside an organization work with the objective of maximizing the profit earned and reducing the risk involved in an unexpected loss. Corporate financing also helps in understanding as to what is the best possible method to increase the revenue and also produce returns to the investors or shareholders (Mathuva 2015). Corporate decision making is related to capital budgeting in a way that it helps in decision making about investments. Capital budgeting is an important tool in relation to corporate finance management. Capital budgeting generates huge scope for financial managers to check and assess the various projects on the basis of the percentage of chances to be taken up for investments (Burns and Walker 2015). It also assists in bringing out the risk involved in different types of projects. It also becomes useful in keeping a check on the rate of investments. Finally the prospect of the business depends wholesomely on the optimum utilization of resources. There are a various capital budgeting techniques like net present value and internal rate of return, pay-back period method and accounting rate of return method (Hise and Strawser 2013). The pay-back period method refers to the time period under which the proposition will lead to generation of cash in order to make up for the initial investment made. It truly focuses on the inflow of cash, the projects economic life and the amount of investment made without the time value of money being considered (Bierman and Smidt 2012). The accounting rate of return method is based on the criteria that any proposition that has an accounting rate of return more than the assumed minimum rate prefixed by the management will be taken into account and the propositions below the accounting rate of return are refused. The net present value method is one of the widely used methods of capital budgeting. Under this method the inflow of cash that comes in at different points of time or that is expected at a certain point of time is given a discount at a particular rate. The time value of money is taken into consideration in this method. The internal rate of return method of capital budgeting technique can be defined as the rate, when the net present value of the investment is zero. Here in this method the discounted value of cash inflow is equal to the discounted value of cash outflow. This method also takes into account the time value of money (Hasan 2013). As asked in the question the sensitivity analysis concept in relation to capital budgeting technique is an analysis that measures the sensitivity of the variable that is dependent in relation to the change in an independent variable. In certain situations the historical data available may be used but if the historical data is not available then research has to be conducted. Essentially the sensitivity analysis refers to the entire result or outcome that changes due to change in a single variable. For instance a manufacturing company might as well find out that a change in a particular raw material may lead to a huge change in the cost of manufacturing. Sensitivity analysis actually projects the viability of the projects. Sensitivity analysis provides a view that more the fluctuations in the initial parameters of a certain proposition the less risk is involved in the project. Sensitivity analysis is generally required to identify the risky parameters, assess their numerical values and measure the consequences of assuming such risks. Experts are of the view that sensitivity analysis is used by managers to monitor and measure the changes in net present value due to a change in the variables used for calculating it. Application of sensitivity analysis may be used to assess situations as to when the net present value reflects a positive value and when it reflects a value that is negative. While conducting sensitivity analysis three areas should be kept in mind, that are, aggregate costs and benefits, critical cost and benefit item and the effect of delays during construction phase. The advantages of using sensitivity analysis are that a certain change in a single variable is very effective in measuring the economic worth of a project; scrutinizing the risk involved in a single project and thirdly the sensitivity analysis is universal in nature (Pianosi, Sarrazin and Wagener 2015). Scenario analysis refers to the analysis that is done when more than one assumption is attempted to change. Essentially scenario analysis is an extended version of sensitivity analysis. Sensitivity analysis may be extended in order to include changed number of variables at the same time. This is known as scenario analysis. However, the assumptions that can be changed and the extent up to which it can be changed is totally dependent on the particulars of the problem. The final and best approach is to observe what will happen at the extremes. The best scenario possible occurs when the outcome is much better than what was expected and in case of the worst scenario possible the outcomes become worse than expected. In order to assess a particular scenario the best or worst case or scenario is taken as the scale for comparison. In clearer terms the best or worst possible scenario that is recorded is used for determining the scenario of a particular case. Scenario analysis is useful for fir ms that make investments on a large scale because they assume high risk, therefore before investing comparisons must be done using the scenario analysis (Gyamfi and Krumdieck 2012). Until now no assessment has been done regarding the probabilities of various outcomes. Most of the times it is not possible to provide proper probabilities and it is only possible to predict that something might happen, or the probability of unexpected happenings might be assessed. However, if the proper knowledge is not available about the probabilities the advantage of the technology of computers can be utilized in order to improve upon the scenario analysis. If it is possible to know what the probabilities in case of each and every outcome are, and also the knowledge that how they are interlinked is available, it would be possible to arrive at a point where distribution of NPVs is done with the help of the process is known as simulation. This will definitely provide the probability of each possible NPV. This technique if implemented properly a discount rate can be used in regards to the uncertainty amount about the NPV. The risk involved in a project can be adjusted with the help of the simulation technique. There are essentially two ways to adjust the returns to a project in order to make it face a higher hurdle is increasing the rate of discount and reducing the payment that is more or less expected. It is very much possible to think about the rate of discount as containing a basic rate that is risk-free and an added premium that is dependent on the amount of risk involved that is higher the risk, higher is the premium. As the percentage of uncertainty is more, it will definitely lead to reduction in the Net Present Value of projects that involve a great deal of risk as the rate at which the future payments are discounted is high. Similarly, it is of the implications that projects should obviously have a higher Internal Rate of Return to exceed the hurdle rate (Regan et al., 2015). Break-even analysis is used for the for determining the exact location at which the total profit received is equal to the cost that is incurred with receiving the profit or revenue. The calculation of margin of safety is done with the help of the break-even analysis. The break-even point is the point within which the revenues may fall while they still remain above the break-even point. Break-even analysis is also referred to as analysis that is supply-side in nature. The effect of various price levels on demand is also not analyzed or taken into account. Break-even analysis involves three kinds of costs that are fixed costs, variable costs and semi-variable costs. A fixed cost is the cost that remains unaffected by change in the amount of goods and services produced. Variable costs are variable in nature that is the cost depends upon the output produced. Semi-variable cost is a mixture of fixed costs and variable costs. One of the disadvantages of break even analysis is that it leads to poor accounting decisions and this can be avoided by using NPV break-even analysis. Break-even analysis is a much handy tool that is used to scrutinize the inter-relationship between variable costs, fixed costs and returns. A break-even point generally can be used to predict or research the exact point when a particular investment shall result in a positive return and can also be chalked out graphically or by the help of using simple mathematics. Break-even analysis is advantageous from the point that it calculates the total amount of production at an already provided amount that is needful to cover all the costs (Ghahremani, Aghaie and Abedzadeh 2012) References Agrawal, A.K. and Matsa, D.A., 2013. Labor unemployment risk and corporate financing decisions. Journal of Financial Economics, 108(2), pp.449-470. Bierman Jr, H. and Smidt, S., 2012. The capital budgeting decision: economic analysis of investment projects. Routledge. Burns, R. and Walker, J., 2015. Capital budgeting surveys: the future is now. Ghahremani, M., Aghaie, A. and Abedzadeh, M., 2012. Capital budgeting technique selection through four decades: with a great focus on real option. 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