2. Noncash investing and financing transactions, such as the exchange of a long-term asset for a long-term liability, represent significant investing and financing activities and are reflected in a separate schedule as part of the statement of cash flows.

True

False

3.Since investing activities center on the long-term assets shown on the balance sheet, they do not include any short-term investments shown under current assets on the balance sheet

True

False

4. The primary purpose of the statement of cash flows is to provide information about a company's cash receipts and cash payments during an accounting period.

True

False

5. The statement of cash flows shows the effects on net income of a company's operating, investing, and financing activities for an accounting period.

True

False