Which Three of the Following Statements Accurately Relate to Profits

Multiple Choice

Which three of the following statements accurately relate to profits and cash flows?

A) Project planning decisions should be focused primarily on a search for profit.
B) Profit is a poor substitute for cash flow.
C) Depreciation is not a cash flow and should be excluded from profit figures.
D) Working capital adjustments may be needed to modify profit figures for NPV analysis.