This free book provides a series of Exercises that support the author’s critique of working capital management and the pivotal role of debtor policy presented in his previous bookboon texts. The accounting convention that management must present an image of solvency and liquidity to the outside world by maintaining an excess of current assets over current liabilities is rejected. A firm’s objective should be to minimise current assets and maximise current liabilities compatible with its debt paying ability, based on future cash profitability dictated by optimum terms of sale, which may be unique. You can download the book for free via the link below.