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GU · 2021年06月08日

net operating cycle 就是 cash conversion cycle吗

NO.PZ2018062005000063

问题如下:

PZ company has credit sales $50,000 with cost of goods sold $30,000, average account receivable is $3,000, average accounts payable is $2,600, average inventory is $5,000 and purchase inventory $46,000, please calculate the net operating cycle:

选项:

A.

62.1 days

B.

82.73 days

C.

71.89 days

解释:

A is correct, NO. of days inventory=365/(30,000/5,000)=60.83

NO. of days receivables=365/(50,000/3,000)=21.9

Operating cycle=21.9+60.83=82.73

NO. of days payable=365/(46,000/2,600)=20.63

Net operating cycle=82.73-20.63=62.1

net operating cycle就是cash conversion cycle吗
1 个答案

王琛_品职助教 · 2021年06月08日

嗨,努力学习的PZer你好:


是的,这两个名词,都是指同一个概念。两种说法是都需要掌握的,如果考试时,提到其中任意一种说法,咱们都要知道是在考这个概念

另外,在 Working Capital Turnover 部分,有两个概念,比较容易混淆,是 operating cycle 和 net operating cycle。最本质的区别是:operating cycle 里不包含 payable

Operating cycle 衡量的是:公司从获得存货,到卖出存货获得现金,所需要的时间。 Number of days of receivables:衡量的就是卖出存货获得现金需要的时间;Number of days of inventory:衡量的就是获得存货需要的时间;所以 Operating cycle = days of receivables + days of inventory

Net operating cycle 衡量的是:从公司支付现金获得存货开始,到卖出成品获得现金所需要的时间。衡量的是现金周期。但是获得存货不一定要支付现金,可能有 Account payable 的存在。所以要衡量现金周期就要在 Operating cycle 的基础上减去 days of payable: Net operating cycle = days of receivables + days of inventory - days of payable

通过上面两个概念的辨析,希望有助于同学理解记忆:net operating cycle 就是 cash conversion cycle

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虽然现在很辛苦,但努力过的感觉真的很好,加油!