Which of the following is not a security as defined by the SEC?

Question

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Accounts receivable are not considered a security by the SEC because they represent a company's owed payments from its customers for goods or services sold, and not an investment opportunity with the potential for gains or losses. The other options are securities as defined by the SEC. B) Notes receivable are similar to debentures, representing debt instruments issued by a company with the promise of repayment, whereas C) Treasury stock is a type of stock that a company has repurchased from its shareholders and held in its own treasury for various reasons. D) Debentures represent a type of unsecured bond, where the issuer promises to pay back the principal plus interest to the bondholder. And E) Investment contract includes any investment in which a person invests money in a common enterprise with the expectation of profits to be derived solely from the efforts of others.

Which of the Following Is Not a Security as Defined