Answer:
Operating cycle is the time duration from procurement of raw materials to sales realisation. It is a time gap between production of goods and realisation of sales. The operating cycle is different for different firms depending upon their size and nature of business. e.g. manufacturing firm's operating cycle may be different from a trading concern. Operating cycle of one manufacturing firm may be different from another on the basis of scale and type of business. Operating cycle of a manufacturing concern is shown below: 
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