Which of the following statement is incorrect? Most of the answers are correct. The acceptable mutually exclusive projects can be ranked by using the IRR methodology, from highest to lowest IRR. When evaluating proposed projects with the IRR method, those projects with IRRs that are greater than the required rate of return are rejected. Independent projects are the projects that do not compete with each other. A negative NPV means the firm's value will decrease if the new project is adopted because the new project's estimated return is less than what the firm requires