The FASB Specified in Statement No

question 57

Multiple Choice

The FASB specified in Statement No.140 three conditions that must be met if a transfer of receivables is to accounted for as a sale.Which of the following is not one of the three conditions specified?

• A) The transferred assets have been isolated from the transferor.
• B) The transferor's obligation under the recourse provisions can be reasonably estimated.
• C) The transferee has the right to pledge or exchange the transferred assets.
• D) The transferor does not maintain effective control over the assets through an agreement to repurchase the assets before their maturity.

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