Answer: receivables turnover ratio

**Explanation:** - **Option A (Correct):** An increase in the receivables turnover ratio (and a corresponding decrease in days of sales outstanding) suggests that the company is collecting its receivables more efficiently. This reflects a more effective credit and collection policy. - **Option B (Incorrect):** An increase in days of sales outstanding would indicate slower collection of receivables, which is contrary to improved efficiency in credit and collection policies. - **Option C (Incorrect):** The number of days of payables measures the average time a company takes to pay its suppliers and is unrelated to the efficiency of credit or collections policies.

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