A. Since a project may be financed with any combination of debt and equity, it is not appropriate to compare the expected return from the project to the before-tax cost of debt.

B. The availability of financing is a completely separate issue from the capital budgeting process.

C. A project might have positive cash flows but have a negative net present value, in which case it would not be a good investment.

D. If a company has no restrictions on its available capital for investment, and if all the projects under consideration are independent (i.e., none of the projects are mutually exclusive, meaning if the company invests in one it cannot invest in another for reasons other than capital availability), then the company should accept all projects with a positive net present value.