2016年美国CPA练习题精选：Financial 16

Gar Co. factored its receivables without recourse with Ross Bank. Gar received cash as a result of this transaction, which is best described as a:

a. Sale of Gar's accounts receivable to Ross, with the risk of uncollectible accounts retained by Gar.

b. Sale of Gar's accounts receivable to Ross, with the risk of uncollectible accounts transferred to Ross.

c. Loan from Ross collateralized by Gar's accounts receivable.

d. Loan from Ross to be repaid by the proceeds from Gar's accounts receivable.

答案：B

Explanation

Choice "b" is correct. Factoring receivables without recourse is a sales transaction. Factoring without recourse transfers the risk of uncollectible accounts to the buyer. ASC 310-10-05-6

Choice "c" is incorrect. Pledging receivables is the process of obtaining a loan using the receivables as collateral.

Choice "d" is incorrect. Assigning receivables is the process of obtaining a loan by transferring to the lender the debtor's right to cash collected on receivables.

Choice "a" is incorrect. Factoring receivables may be treated as a sales transaction. Factoring with recourse leaves the risk of uncollectible accounts with the seller. ASC 310-10-05-6