44. Which of the following is NOT true of the cash conversion cycle?

a. It is the net period from the start of cash outflow for producing a product or service until the associated cash inflow materializes from the sale of that product or service.

b. Cash Conversion Cycle = Production Cycle + Collection Cycle - Payment Cycle

c. Cash Conversion Cycle = Production Cycle + Collection Cycle + Payment Cycle

d. The cash conversion cycle essentially measures how quickly a company can convert its products or services into cash.