Question 15 2 pts A manufacturer of household appliances may incur a loss due to the discovery of a defect in one of its products. The occurrence of the loss is reasonably possible, and the resulting costs can be reasonably estimated. This possible loss should be disclosed in the notes only accrued only accrued and disclosed in the notes O neither accrued nor disclosed in the notes Question 16 2 pts Which of the following statements best describes the operating cycle concept? An operating cycle is any 12-month period that a firm uses for its fiscal year. An operating cycle is the time between the purchase of inventory and the conversion of that inventory back into cash An operating cycle is the average number of days required to sell inventory. An operating cycle is the average number of days required to collect receivables