What are the three steps involved in establishing a credit policy? The three steps involved in establishing a credit policy are: (Select all of the choices below that apply.) A. Establish credit standards. In this step, the firm must decide how much credit risk it is willing to accept. discount and the length of the discount period must also be established. C. Establish a collection policy. In this step, the firm must decide how it will collect from all of its credit customers. D. Establish a collection policy. In this step, the firm must decide how it will handle late payers. Diversification is good for shareholders. So why shouldn?t managers acquire firms in different industries to diversify a company? (Select all of the choices that apply.) A. Shareholders can efficiently achieve diversification on their own by purchasing shares in it is cheaper for investors to diversify their own portfolios than to have the corporation do it through acquisition