A project's cash flows should: Multiple Choice Include all sunk costs and opportunity costs Be computed on a pre-tax basis. Be applied to the year when the related expense or income is recognized by GAAP Include all financing costs related to new debt acquired to finance the project. Include all incremental costs, including opportunity costs A sunk cost refers to a cost that: Multiple Choice Has previously been incurred and cannot be changed. O will change if a project is undertaken. Is paid to a third party and cannot be refunded for any reason whatsoever. Will be incurred if a project is accepted. Will occur if a project is accepted and once incurred, cannot be recouped