Final answer:
Acquiring raw materials is not part of the conversion cycle. It is part of the production function in manufacturing. Correct answer is b-false.
Step-by-step explanation:
The statement that the process of acquiring raw materials is part of the conversion cycle is false. The conversion cycle refers to the process of converting raw materials into finished goods.
Acquiring raw materials is actually part of the production function, where a firm uses inputs such as labor, machinery, and raw materials to produce goods and services. In manufacturing, raw materials are transformed into outputs like goods that consumers use. This process takes place after the raw materials have been acquired.