The Operating Cycle Is the Elapsed Time Between What Two

question 198

Multiple Choice

The operating cycle is the elapsed time between what two procedures?

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

---

Definitions:

Principal Residence

The main home in which a person lives and can qualify for certain tax benefits, such as the exclusion of capital gains upon sale.

Long-Term Care Insurance

Long-term care insurance is a type of insurance designed to cover the costs of long-term care services, including nursing home care, assisted living, or in-home care.

Medical Expenses

Costs incurred for the diagnosis, cure, mitigation, treatment, or prevention of disease, and for treatments affecting any part or function of the body.

Medical Expenses

Costs for healthcare that can potentially be deducted from one's taxable income if they exceed a certain percentage of the tax filer's adjusted gross income.