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: A. The transferor of the receivable surrenders control over the assets transferred. B. The age of the receivables transferred differs from the average age of the receivabless C. The transferee has received substantially all the risks and rewards of ownership. D. The transferee relies on funds from the transferor to maintain operations.

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