The __________Is the Time Period That Elapses from the Point

question 165

Multiple Choice

The __________is the time period that elapses from the point when the firm uses the raw materials in manufacturing a finished good to the point when the finished good is sold.

• A) average collection period
• B) cash turnover
• C) cash conversion cycle
• D) average age of inventory

---

Definitions:

Internal Auditors

Professional auditors who are employed by an organization to perform auditing and analysis of its operations, systems, and financial activities, ensuring compliance and identifying improvements.

Internal Control Elements

Components of a framework designed to safeguard assets, ensure financial reporting accuracy, promote operational efficiency, and encourage adherence to policies.

Efficient Funds Transfer

The process of transferring money from one bank account to another swiftly and cost-effectively.

Bank Reconciliation

This process ensures that a company's or individual's accounting records (check register) match up with the bank's records, often revealing discrepancies.