Why is it important to evaluate capital budgeting projects on the basis of after-tax cash incremental flows? Why not use accounting data instead of cash flow? What are the components of net cash...

Why is it important to evaluate capital budgeting projects on the basis of after-tax cash incremental flows? Why not use accounting data instead of cash flow?

What are the components of net cash outlay in the capital budgeting decision? At what time is such an outlay incurred in the case of conventional cash flows?