Under current U.S. GAAP, the transferor of receivables to a securitization entity (SE) that it has formed should treat the transfer as a collateralized borrowing instead of a sale if the transferor has: Multiple Choice the power to direct the activities of the SE but not the right to participate in the SE's gains and losses. the power to direct the activities of the SE and the right to participate in the SE's gains and losses. None of these answer choices are correct. limited control over the sale of the securities,