2. An operating cycle a. is twelve months or less in length. b. is the average t

Question

2. An operating cycle
a. is twelve months or less in length.
b. is the average time required for a company to collect its receivables.
c. is used to determine current assets when the operating cycle is longer than one year.
d. begins with inventory and ends with cash.


ANS:_________

3. The amount reported as "Cash" on a company's balance sheet normally should exclude
a. postdated checks that are payable to the company.
b. cash in a payroll account.
c. undelivered checks written and signed by the company.
d. petty cash.

Explanation / Answer

(2)d. begins with inventory and ends with cash. (3)d. petty cash.

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