The Operating Cycle Is the Elapsed Time Between the

question 72

Multiple Choice

The operating cycle is the elapsed time between the

• A)purchase of goods or services and the ultimate collection of cash from customers related to the sale of those goods.
• B)sale of goods or services to customers and the payment to suppliers for those goods.
• C)purchase of goods from suppliers and the performance of the related service for customers.
• D)sale of goods and the delivery of those goods to customers.

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Definitions:

Legislative and Executive Actions

Actions taken by the legislative body to enact laws, and by the executive branch to implement, administer, and enforce laws.

U.S. Constitution

The foundational document of the United States, outlining the structure of the government and its powers, as well as the rights of citizens.

Tenth Amendment

An amendment to the U.S. Constitution that emphasizes the federal system of government by stating powers not given to the federal government nor prohibited to the states by the Constitution are reserved for the states or the people.

Reserved Powers

Denotes powers that are not explicitly delegated to the national government by the constitution, thus remaining with the state governments.