1. Cash paid in the acquisition of land, buildings, or equipment; loans to other companies; and the proceeds from the sale of land, buildings, or equipment will show up on the cash flow statement under the category of

cash flows from financing activities.

cash flows from investing activities.

cash flows from operating activities.

cash flows from financing activities and cash flows from investing activities.

cash flows from investing activities and cash flows from operating activities.

2. Current assets are assets ________ and fixed assets are assets ________.

converted to cash during the accounting year; converted to cash during the accounting year

converted to cash during the accounting year; that have an expected life in excess of one year

that have an expected life in excess of one year; converted to cash during the accounting year

that have an expected life in excess of one year; that have an expected life in excess of one year