The Operating Cycle Is the Time Required To

question 154

Multiple Choice

The operating cycle is the time required to:

• A)accept a customer order and manufacture the goods.
• B)record accounting transactions and prepare financial statements.
• C)acquire goods and services for sale to customers; sell the goods and services; and collect cash from customers.
• D)close the accounts and prepare the post-closing trial balance.

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Definitions:

Apex

The point, tip, or summit of anything; in reference to the heart, the point of maximum impulse of the heart against the chest wall.

Body Mass Index (BMI)

A measure of body fat based on height and weight that applies to adult men and women, used to categorize underweight, healthy weight, overweight, and obese.

Mensuration

The branch of mathematics that deals with the measurement of lengths, areas, and volumes.

Calibrating

Adjusting the performance of a tool, instrument, or system to ensure its accuracy and reliability based on a known standard.