Best defines the term collection policy

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Reference no: EM13810246

Which one of the following best defines the term collection policy?

1) Process of determining which customers will be granted credit

2) Process of determining the probability that customers will not pay

3) Set of guidelines used by a firm to determine the cost of offering credit to its customers

4) Daily process of handling cash inflows and outflows of cash

5) Set of procedures a firm follows in collecting accounts receivable

Reference no: EM13810246

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