which of the following statements is not correct concerning the elements of the cash conversion cycle time? multiple choice the cash conversion cycle is based on accounts receivable, accounts payable, and inventory. lean manufacturers try to reduce the total cash conversion cycle time. the higher the number of days in the cash conversion cycle, the more efficiently the company is managing its cash. effectively managing working capital is important for businesses to survive and profit. the cash conversion cycle measures the average time it takes to convert cash outflows into cash inflows.