Question: 2. An operating cycle a. is twelve months or less in length. b. is the average time required for a company to collect its receivables.

2. An operating cycle a. is twelve months or less in length. b. is the average time required for a company to collect its receivables. c. is used to determine current assets when the operating cycle is longer than one year. d. begins with inventory and ends with cash. ANS:_________ 3. The amount reported as "Cash" on a company's balance sheet normally should exclude a. postdated checks that are payable to the company. b. cash in a payroll account. c. undelivered checks written and signed by the company. d. petty cash.

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