Which of the following statements is not correct concerning the elements of the cash conversion cycle time? 14 Multiple Choice Skipped O The higher the number of days in the cash conversion cycle, the more efficiently the company is managing its cash. O O Effectively managing working capital is important for businesses to survive and profit. O The cash conversion cycle measures the average time it takes to convert cash outflows into cash inflows from customers. O Lean manufacturers may reduce the total cash conversion cycle time. O The cash conversion cycle is based on accounts receivable, accounts payable, and inventory. Responsibility accounting performance reports: Multiple Choice O Become more detailed at higher levels of management. O Are usually summarized at higher levels of management. O Are equally detailed at all levels of management. O Are useful in any format. O Are irrelevant at the highest level of management