Sản xuất hoạt động-102 nhân viên trên một cơ sở sản xuất theo giờ giám sát 26 nhân viên Văn phòng cơ sở tiền lương hoạt động, 72 nhân viên bán hàng cơ sở tiền lương nhân viên 12 nhân viên về tiền lương cộng với cơ sở hoa hồng (thanh toán tại thời điểm bán, bất kể khi khách hàng thanh toán) • | Investing Excess Cash 245 Depreciation. Depreciation a noncash expense should itself not be considered in the DCF calculations but the tax savings which result from the depreciation tax shield must be considered as part of the positive cash flow. Tax considerations. Tax laws applicable to capital investments have a direct impact on the project s cash flows. For instance investment tax credits when they are available on a large investment can be a major factor because they can produce significant cash inflows early in the project s life. Other tax considerations include regular income tax vs. capital gains rates losses providing carry-back or carry-forward tax benefits accelerated depreciation and the like. Property taxes tangible personal property taxes and other state or municipal assessments also need to be taken into account because they represent cash flow to the organization. Time Value of Money Capital budgeting decisions are generally more critical and risky than short-term operating-type decisions because 1 the organization will usually recoup its investment over a much longer period of time if at all and 2 they are much more difficult to reverse. Additionally funds are tied up over a longer period of time and this constitutes an opportunity cost of the potential differential earning capacity of these funds had they been invested in another manner. Time value of money means that money on hand today has greater value than money to be received in the future. Money has time value for the following reasons Cash on hand can be used to earn more money in the form of interest dividends or increased value appreciation . Money to be received in the future has an opportunity cost of not being able to be used right away either for investment or for pleasure as in spending it for something wanted or needed. Money to be received in the future will have less value than today because of the ravages of inflation. Money to be received in the future carries with it the risk
