Question: In deciding whether financing with receivables is a secured borrowing or a sale under U . S . GAAP, the critical element is the extent

In deciding whether financing with receivables is a secured borrowing or a sale under U.S. GAAP, the critical element is the extent to which the:
Multiple Choice
Transferee has received substantially all the risks and rewards of ownership.
Age of the receivables transferred differs from the average age of the receivables.
Transferor of the receivable surrenders control over the assets transferred.
Transferee relies on assets received from the transferor to maintain operations.

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