What are the features of a sound appraisal technique?

CPA-Financial-Management-Section-3 Revision kit

The features of a sound project appraisal technique are:
It should consider the time value of money discounting the cash flows.
 It should give a direct decision criteria on when to accept or reject a project.
 It should rank independent projects in order of their economic viability
 It should distinguish between acceptance and unacceptable projects which are mutually exclusive.
 It should generally be applicable to any conceivable project available.

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