السؤال — عربي
: أي من أساليب الموازنة الرأسمالية التالية يأخذ في الاعتبار القيمة الزمنية للنقود؟
Question — English
Which of the following capital budgeting techniques considers the tune value of money?
الخيارات — عربي
Options — English
💡 C. Discounted cash flow (DCF) considers the time value of money
(TVM) by discounting future cash flows to their present value
using a discount rate (usually the cost of capital or required rate
of return). DCF methods include Net Present Value (NPV) and
Internal Rate of Return (IRR), which are widely used in capital
budgeting to evaluate investment opportunities.
Why the other options are incorrect:
A. Annual rate of return
ᤶ
ᤷ Incorrect – The annual rate of return (or accounting rate of
return, ARR) is based on accounting profits rather than cash flows
and does not consider the time value of money. It simply
calculates the return as a percentage of initial or average
investment.
D. Cash payback
ᤶ
ᤷ Incorrect – The payback period method measures how long it
takes to recover the initial investment from cash flows. However,
it does not discount future cash flows, meaning it ignores the
time value of money.