Which of the following situation refers to the cost effects in changing credit policy?

• f the firm grants credit, some percentage of the credit buyers do not pay.

• Although the firm may experience delayed revenues if it grants credit, it still incurs the costs of sales immediately.

• When the firm grants credit, it must arrange to finance the resulting receivables.

• When the firm offers a cash discount as part of its credit terms, some customers choose to pay early to take advantage of the discount.

• When the firm grants credit, there is a delay in revenue collections as some customers take advantage of the credit offered and pay later.