Question: Which statement is NOT true? a. Manufacturing firms have a conversion cycle but retail firms do not. b. The conversion cycle includes the task of

Which statement is NOT true?
a. Manufacturing firms have a conversion cycle but retail firms do not.

b. The conversion cycle includes the task of determining raw materials requirements.

c. A payroll check is an example of a product document of the payroll system.

d. A general journal may be replaced by a collection of journal voucher.

e. Business activities begin with the acquisition of materials, property, and labor in exchange for cash.

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