Which of the Following Is True When Accounts Receivable Are

question 29

Multiple Choice

Which of the following is true when accounts receivable are factored without recourse?

• A) The transaction may be accounted for either as a secured borrowing or as a sale, depending upon the substance of the transaction.
• B) The receivables are used as collateral for a promissory note issued to the factor by the owner of the receivables.
• C) The factor assumes the risk of collectibility and absorbs any credit losses in collecting the receivables.
• D) The financing cost (interest expense) should be recognized ratably over the collection period of the receivables.

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Definitions:

Sodium Chloride

A chemical compound known as table salt, composed of sodium and chlorine atoms, essential for human health but required in moderation.

Molecule

The smallest unit of a chemical compound that can exist, consisting of two or more atoms bonded together.

Compound

A substance formed by the chemical combination of two or more elements in fixed proportions.

Chemical Bonds

The attractive forces that hold atoms together in molecules or crystals, forming as a result of sharing or transferring electrons between atoms.