One Way Businesses Try to Overcome the Risk Associated with New

question 65

True/False

One way businesses try to overcome the risk associated with new customers is to access a credit scoring report that will predict the probability of a customer causing credit problems in the future.

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Definitions:

Fair Value

A measure of the price at which an asset or liability could be exchanged in a current transaction between willing parties.

IASB

The International Accounting Standards Board, an independent body that develops and approves International Financial Reporting Standards (IFRS).

FASB

Stands for Financial Accounting Standards Board, which is responsible for establishing and improving financial accounting and reporting standards in the United States.

Note Receivable

A written promise to receive a specific amount of money at a future date.