单选题 Janice Grass, CFA, is a sell-side analyst from a local securities firm. Grass does research about cash conversion cycle and operating cycle. The cash conversion cycle for a company that buys inventory on credit is most likely:
A. less than the operating cycle.
B. equal to the operating cycle.
C. greater than the operating cycle.

【正确答案】 A

【答案解析】[解析] 现金周转期(cash conversion cycle)=应收账款回收天数(average days of receivables)+存货周转天数(average days of inventory)-应付账款偿还天数(average days of payables)：
经营周期(operating cycle)=应收账款回收天数(average days of receivables)+存货周转天数(average days of inventory)。
公司以赊账的方式来采购会增加应付账款，此时应付账款偿还天数(average days of payables)＞0，因此现金周转期(cash conversion cycle)＜经营周期(operating cycle)。