MCQs > Finance & Management > Accounts Receivable > Which one of the criteria that must be met before control is deemed to be surrendered?

Accounts Receivable MCQs

A transfer of financial assets in accordance with SFAS 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities may be treated as a sale if the transferor surrenders control of the assets. Which of the following is one of the criteria that must be met before control is deemed to be surrendered?

Answer

Correct Answer: The transferor is not a party to an agreement that both entitles and obligates it to repurchase or redeem the securities prior to maturity.

Explanation:

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