The Tax Shield Approach to Computing the Operating Cash Flow,given

The tax shield approach to computing the operating cash flow,given a tax-paying firm:

A) ignores both interest expense and taxes
B) separates cash inflows from cash outflows
C) considers the changes in net working capital resulting from a new project
D) is based on the fact that depreciation does not affect the operating cash flows
E) recognises that depreciation creates a cash inflow