Final answer:
The statement is false. Selling a firm's accounts receivables at a discount is known as factoring, not countertrading. Countertrading involves trading goods or services without using cash.
Step-by-step explanation:
The statement that selling a firm's accounts receivables to a financial institution at a discount is called countertrading is false. The correct term for this financial transaction is factoring. Factoring involves a business selling its accounts receivable to a third party (the factor) at a discount to gain immediate cash flow.
Conversely, countertrading refers to the practice of trading goods or services between companies or countries without the use of cash. Examples of countertrading can include barter, counter purchase, and offset agreements, which are commonly used in international trade.