1. What is an ADR? a. A negotiable instrument which substitutes for foreign bonds b. A negotiable instrument which substitutes for foreign stock A letter of credit for a foreign company from a U.S. bank d. A letter of credit for a U.S. company for use internationally 2. Which of the following is the authoritative source of U.S. GAAP? a. IFRS statements b. APB opinions c. FASB Accounting Standards Codification d. Conceptual Framework