The Marco Island office target is to close monthly administrative records in 14 days. Actual close took 17 days. What status should management report?
Correct Answer
B) late cycle
Close-cycle status compares actual days with the office close target.
Why This Is the Correct Answer
Close-cycle status compares actual days with the office close target.
Why the Other Options Are Wrong
Option A: credit hold open
credit hold open puts the item in the wrong financial bucket, timing, base, or comparison for close-cycle status.
Option C: insurance file current
insurance file current puts the item in the wrong financial bucket, timing, base, or comparison for close-cycle status.
Option D: bank signer removed
bank signer removed puts the item in the wrong financial bucket, timing, base, or comparison for close-cycle status.
Memory Technique
Close-Cycle Status drawer for Controller Reviews: label compares before counting dollars.
Reference Hint
Open-book path: tab Contractor's Manual, 2025 to Business Administration, Monthly Close Administration; use the stated business record or control rule to verify the answer.
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