The Three Steps in Establishing a Credit Policy Are Establishing

question 81

True/False

The three steps in establishing a credit policy are establishing credit standards, establishing credit terms, and establishing a collection policy.

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Definitions:

Hearsay Rule

A legal rule that prohibits the use of secondhand testimony in court if it is offered to prove the truth of the matter asserted unless an exception to the rule applies.

Dying Declaration Exception

A rule in law that allows the admission of a statement made by a person believing they were about to die, relating to the cause or circumstance of their death, as evidence in court.

Friendly Witness

A witness in a legal proceeding expected to provide testimony that supports the position of the party calling them.

Hostile Witness

A witness whose testimony is not favorable to the party who has called them to testify, often leading to cross-examination.