By Anthony F. Herbst
Offering a balanced and useful method of capital administration and budgeting, this publication covers the whole spectrum of capital investments, from the fundamentals in the course of the most up-to-date suggestions. it really is aimed toward managers who're considering capital funding judgements: atmosphere corporation capital funding coverage; appearing undertaking analyses; and drafting ideas. these in most sensible administration will make the most of discussions of sturdy and vulnerable issues of varied equipment and concepts.Included within the arsenal of capital funding instruments during this ebook are options of confirmed usefulness, corresponding to the MAPI strategy, now not on hand in different works related to capital budgeting, and different issues no longer coated in other places, similar to abandonment research.
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Extra resources for Capital Asset Investment: Strategy, Tactics and Tools
In practice, ﬁrms will usually switch from one method of depreciation to another when it is advantageous to do so, and when the tax authorities will allow the change. For instance, under GG a ﬁrm may switch from double-declining-balance depreciation to straight-line depreciation. Of course, the straight-line depreciation charge will not be based on the original 2 The depreciable lifetime of an asset will often be different from the useful economic life. This happens because tax authority rulings concerning the lifetime that may be used for depreciation may not properly reﬂect the useful economic life of such asset in any particular ﬁrm.
Alternatively, the ﬁrm’s cost of capital is the rate of return it must earn on an investment so that the value of the ﬁrm is neither reduced nor increased. In terms of the ﬁrm’s balance sheet, cost of capital relates to the long-term liabilities, and capital section to the ﬁrm’s capital structure. Although the speciﬁc account titles to be found for the various components of capital structure may differ, depending on the nature of the ﬁrm’s business, the preferences of its accountants, and tradition within the industry, certain commonalities exist.
They are irrelevant to the decision of whether or not to accept a project, except to the extent that they affect cash ﬂows. Components of Initial Cost In addition to the obvious component of initial cost, namely, the basic price of the capital project in question, some less obvious costs must be included. Among them are: r Transportation and insurance charges r Installation costs, including special machine foundations, movement of other equipment to r r r get the new project to its location in the plant, installation of service facilities such as electric, hydraulic and pneumatic lines, and so on License or royalty cost Required additional working capital investment Operator training costs Transportation and insurance costs may be included in the vendor’s price.
Capital Asset Investment: Strategy, Tactics and Tools by Anthony F. Herbst