单选题 An analyst does research about cash conversion cycle and gathers the following information about a company:

	2012	2011	2010
Days of inventory on hand	35	25	30
Days sales outstanding	40	45	45
Days of payables	40	35	40

Analyzing the cash conversion cycle, the company's liquidity has most likely:
A. decreased.
B. remained unchanged.
C. increased.

【正确答案】 B

【答案解析】[解析] 现金周转期(cash conversion cycle)=应收账款回收天数(days of sales outstanding)+存货周转天数(days of inventory on hand)-应付账款偿还天数(number of days of payables)。

	2012	2011	2010
cash conversion cycle	35	35	35