Determining to whom to extend credit is an important part of credit management. Select the statements below which are true. Loose credit policies result in more sales and lower bad debt expense Loose credit policies result in more sales, but more customers may not pay Credit policies are not related to sales volume Tighter credit policies may result in fewer sales Which of the following is generally used when calculating depreciation for federal tax purposes? Modified Accelerated Cost Recovery System (MACRS) Straight-line depreciation Generally accepted accounting principles (GAAP) Sarbanes-Oxley Act (SOX)