1- Which of the following would not be considered a current asset?

Select one:

A. Property, plant, and equipment

B. Cash

C. Inventory

D. Accounts receivable

2- On January 1, the long-term liability section of Barrel & Companys balance sheet showed a balance of $400 million in long-term notes payable. On December 31, the balance in that same account was $60 million. How should the company report the cash flow effect related to the change in this account on its statement of cash flow?

Select one:

A. As a cash outflow of $460 million in the investing section

B. As a cash outflow of $340 million in the investing section

C. As a cash outflow of $460 million in the financing section

D. As a cash outflow of $340 million in the financing section

3- Proceeds from issuance of long-term debt would appear on the statement of cash flow as:

Select one:

A. Cash inflow from investing activities

B. Cash inflow from borrowing activities

C. Cash inflow from operating activities

D. Cash inflow from financing activities