Dear lecturer, Are operating cycle and cash operating cycle different because my lecturer told me the differences, but they seem the same in the book ? My lecturer told me that : Operating cycle is the time that it takes to convert raw materials into cash = number of days in receivable + number of days in inventory. Cash operating cycle or working capital cycle is the time between the cash being received from customers and cash being paid to suppliers= number of days in receivable + number of days in inventory – number of days in payable . Are these two statement true ? Could you give me more detailed information on these ?