In Deciding Whether Financing with Receivables Is a Secured Borrowing

In deciding whether financing with receivables is a secured borrowing or a sale, the critical element is the extent to which:

A) The stated interest rates differ from market interest rates.
B) The age of the receivables transferred differs from the average age of the receivables.
C) The transferor of the receivable surrenders control over the assets transferred.
D) The transferee relies on funds from the transferor to maintain operations.