Question

by not extending credit through an open account to a potential customer could cause the loss of sale quizlet

Answer 1

It is true that not extending credit through an open account to a potential customer could cause the loss of sale Quizlet.

What is credit on an open account?

Open credit is a economic arrangement between a lender and a borrower that permits the latter to access credit frequently up to a specific maximum limitation. Once the borrower starts making repayments to the account, the cash becomes available for departing again since it is a revolving fund.

An open account provides significant benefits to the buyer:

• The goods arrive and often can be sold before they have to be paid for.
• The buyer has good cash flows. The more he buys, the more cash flow he generates.
• It is simple and easy.

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