Which of the following statements is correct?
a. Capital budgeting has long-term effects on firm leading the firm to lose some decision-making flexibility.
b. Because asset expansion is fundamentally related to future sales, the decision to buy an asset involves an implicit sales forecast.
c. Timing is important in capital budgeting.
d. Capital budgeting is important because the acquisition of fixed assets typically involves substantial expenditures.
e. All of the above are correct.