NO.PZ2023081403000136
问题如下：
Q. Based on the data in Exhibit 1, what is the analyst least likely to conclude?
An analyst is interested in assessing both the efficiency and liquidity of Spherion PLC. The analyst has collected the data in Exhibit 1 for Spherion:
Exhibit 1:
Spherion Data
选项：
A.Inventory management has contributed to improved liquidity.
B.Management of payables has contributed to improved liquidity.
C.Management of receivables has contributed to improved liquidity.
解释：
C is correct. The analyst is unlikely to reach the conclusion given in Statement C because days of sales outstanding increased from 23 days in FY1 to 25 days in FY2 to 28 days in FY3, indicating that the time required to collect receivables has increased over the period. This is a negative factor for Spherion’s liquidity. By contrast, days of inventory on hand dropped over the period FY1 to FY3, a positive for liquidity. The company’s increase in days payable, from 35 days to 40 days, shortened its cash conversion cycle, thus also contributing to improved liquidity.
不是越低越好吗？？？
