One of the major risks within the revenue cycle is failure to receive payment for goods purchased or services rendered. While every company would like to trust that customers will behave as promised, companies must use controls to mitigate the risk of nonpayment.

Which of the following controls are helpful in mitigating this risk? Select all that apply.

		Frequent reviews and reconciliations of the accounts receivable aging report to determine if customers have exceeded the payment terms (Net 30, Net 60, etc.).
		The use of credit limits when establishing new customers and regular review of credit limits for existing customers.
		Segregation of duties between the cash collections process and the issuance of invoices in the accounts receivable process.
		Issuance of credit memos to customers who report goods damaged in shipment and promptly return the items.