41.

Which of the following would not be considered a contract with enforceable rights for purposes of revenue recognition?

Select one:

a.

A written contract where the party's rights and payment terms can be identified

b.

An right orally communicated by the seller to the buyer

c.

A written contract with commercial substance

d.

An implied right based on what the seller has historically provided

e.

A written contract that can be cancelled without notice without penalty

42.

The translation adjustment from translating a foreign subsidiary's financial statements should be shown as

Select one:

a.

Revenue or expense (depending on the balance) in the consolidated income statement

b.

An asset or liability (depending on the balance) in the consolidated balance sheet

c.

Component of stockholders' equity in the consolidated balance sheet

d.

An element of the notes which accompany the consolidated financial statements

e.

Component of cash flows from financing activities in the consolidated statement of cash flows

48.

Which of the following is not a hybrid instrument?

Select one:

a.

Securities with calls, puts, caps, floors or collars

b.

Convertible securities

c.

Intercompany debt

d.

Redeemable stock

e.

Payable in a foreign currency