Which of the following is a limitation of the accounting rate of return $($ARR$)$ model while making capital investment decisions?

a$.$ The ARR model does not consider the profitability of a project.

b$.$ The ARR model ignores the cash flow performance of the investments beyond the recovery of original investment.

c$.$ The ARR model is dependent upon net income which can be easily manipulated by managers.

d$.$ The ARR model is dependent upon required rate of return of investment.