Which of the following statements is the best definition of the operating cycle?

Select one:

a$.$ The average time between when a company receives a bill for a cost incurred $($ex$.$ utilities$)$ and the time it pays the bill.

b$.$ The average time between when a company receives cash from a stockholder and the time it pays the stockholder a dividend.

c$.$ The average time between when a company takes out a loan from the bank and the time it pays back the loan.

d$.$ The average time between when a company provides a service or sells a product to a customer and the time it collects the cash from the customer.