a. Do you consider that cash inflows and outflows related with non-operating items, such as interest expense, dividend revenue and interest revenue should be separated from operating cash flows? Describe.

b. Do you consider that the cash flows from investing activities could include not only the return of investment but also the return on investment-that is, the interest and dividend revenue? Describe.

c. Do you consider that the cash flows from the sale of an investment should also add the tax effect of the sale? Describe. Do you believe that cash flows from sales of investments could be net of their tax effects, or do you consider that the tax effect should remain an operating activity because it is a part of "payments to the government"? Describe.