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| Assume U.S. GAAP (generally accepted accounting principles) applies unless otherwise noted.
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An analyst gathered the following information for a company:
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Ratios
| 2005
| 2004
| 2003
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Inventory turnover
| 5
| 6
| 7
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Total asset turnover
| 6
| 5
| 3
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Accounts payable turnover
| 9
| 9
| 8
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Accounts receivable turnover
| 11
| 12
| 15
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All other factors being equal, which of the following is the best conclusion with respect to the information above? From 2003 to 2005, the company's:
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| A. fixed asset turnover increased.
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| B. credit policies became more strict.
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| C. cash conversion cycle became shorter.
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| D. average inventory processing time decreased.
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答案：
D.inventory turnover is lower means processing time increased.
C.$conversion cycle2003=365/7+365/15-365/8 <
$conversion cycle2005=365/5+365/11-365/9.
A. can't get this conclusion.
B.AR turnover is lower,one reason is less AR in 2005, maybe caused by more strict credit policies.
答案选B，问题：AR turn over变小，days of sales outstanding变大不是说明loose credit policy嘛？求解
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