Final answer:
Cash flows from investing activities do not include borrowing because this is a financing activity. Investing activities typically involve acquiring or disposing of long-term assets.
Step-by-step explanation:
The student's question asks which of the listed activities are not considered cash flows from investing activities. The correct answer is (a) borrowing since this represents a cash flow related to financing activities, not investing. Cash flows from investing typically refer to transactions involving the acquisition or disposal of long-term assets, like the purchase or sale of securities, lending money, or the sale of equipment. Companies often need access to financial capital, which they may get through borrowing or issuing equity, such as stocks or bonds. Borrowing allows companies to keep operational control, while issuing stock makes companies responsible to shareholders and a board of directors.