46. If a firm's inventory turnover and number of days of payables both increase, the effect on a firm's cash conversion cycle is: A. to shorten it. B. to lengthen it. C. uncertain. 47. Which of the following transactions is least likely to increase reported operating cash flow for the period? A. Financing of payables B. Securitization of receivables C. Exercise of employee stock options. 48. Train Company paid $8 million to acquire a franchise at the beginning of 20XS that was expensed in 20X5. If Train had elected to capitalize the franchise as an intangible asset and amortize the cost of the franchise over eight years, what effect would this decision have on Train's 20X5 cash flow from operations (CFO) and 20X6 debt-to-assets-ratio? A. Both would be higher with capitalization. B. Both would be lower with capitalization C. One would be higher and one would be lower with capitalization