Partnership and Special Revenue Recognitions

Franchise, Construction Contracts and Installment Sales

Multiple Choice
Identify the choice that best completes the statement or answers the question.

____ 1. QR motors sells motor vehicles both on installment and cash basis. Mr. X purchased a car from QR motors on
March 30, 2011 for P210,000 which has a cost of P165,600. A used car is accepted as down payment, P51,200
being allowed on the trade in. The used car can be resold for P64,080 after reconditioning cost of P3,064. The
company expects to make a 20% gross profit on the sale of used car. The balance of the sale is to be paid on a
10-month installment basis starting May 1, 2011. Mr. X defaulted payment starting November 1, 2011 and the
car was immediately repossessed. The repossessed merchandise was appraised at a value of P37,500 at the
time of repossession. QR had to incur additional cost of repairs amounting to P3,700 before the car was
subsequently resold on December 1, 2011 for 51,500 cash to Mr. Y.

Compute for the realized gross profit on 2011

a. P28,696 c. P29,296
b. P38,996 d. P28,969

____ 2. Compute for the gain or loss on repossession

a. 13,316 gain c. 17,016 gain
b. 13,316 loss d. 17,016 loss

____ 3. How much is the net income to be recognized for the year 2011?
a. 25,680 c. 11,680
b. 29,380 d. 15,380

____ 4. On July 10, 2012, PM Motors, which maintain a perpetual inventory records sold a new automobile to ANX
for P1.7 Million. The car costs the seller P1,301,250. The buyer paid 30% down and received P160,000
allowance on an old car traded, the balance being payable in equal monthly installment payments. The
monthly amortization amounts to P60,000 inclusive of 12% interest on the unpaid amount of the obligation.
The car traded in has a wholesale value of P240,000 after expending reconditioning cost of P45,000. After
paying three installments, the buyer suffered major financial setback incapacitating him to continue paying so
the car was subsequently repossessed. When reacquired, the car was appraised to have a fair value of
P600,000.

How much is the realized gross profit on installment sales during the year?
a. P213,899 c. P205,149
b. P37,649 d. Not enough information

____ 5. How much is the interest income?

a. 0 c. P29,404
b. P20,103 d. P30,900

____ 6. The Ana Motors Company makes all sales on Installment contracts and accordingly reports income on the
installment basis. Installment contracts receivables are accounted for by years. Defaulted contracts are
recorded by debiting loss on repossession account and crediting appropriate Installment Contract Receivable
account for the unpaid balance at the time of default. All repossessions and trade-ins are recorded at realizable
values. The following data relate to the transactions during 2011 and 2012.
2011 2012
Installment Sales 150,000 198,500
Installment Contracts Receivable, 12/31
2011 Sales 80,000 25,000
2012 Sales 95,000
Purchases 100,000 120,000
New Merchandise Inventory, 12/31 at cost 10,000 26,000
Loss on Repossessions 6,000

Page | 1
 The company auditor disclosed that the inventory taken on December 31, 2012 did not include certain
merchandise received as trade-in on December 2, 2012 for which an allowance was given. The appraised
value of the merchandise is P1,500 which was also the allowance on the trade-in. No entry was made to
record this merchandise on the books at the time it was received. At the time of default, the repossessed
merchandise had an appraised value of P2,500. The repossessed merchandise was neither recorded nor
included in the physical inventory on December 31, 2012.

Compute total realized gross profit on sales in 2012.

a. 65,450 c. 19,600
b. 70,000 d. 50,400

____ 7. How much is the gain (loss) on repossession?

a. 100 c. 3,500
b. (1,100) d. 1,100

____ 8. DJ Co. accounts for installment sales on the installment basis. On January 1, 2012, ledger accounts included
the following balances:

Installment Receivable - 2010 38,500

Installment Receivable - 2011 155,000
Deferred Gross Profit - 2010 11,550
Deferred Gross Profit - 2011 62,000

On December 31, 2012, account balances before adjustments for realized gross profit on installment sales
were:

Installment Receivable - 2010 none

Installment Receivable - 2011 42,000
Installment Receivable - 2012 100,500
Deferred Gross Profit - 2010 11,550
Deferred Gross Profit - 2011 62,000
Deferred Gross Profit - 2012 75,810

Installment sales in 2012 were made at 42% above cost of merchandise.

The total realized gross profit on installment sales in 2012:

a. 132,510 c. 97,510
b. 98,910 d. 102,834

____ 9. The various documents and records which were recovered immediately after a fire gutted its premises, EMC
Marketing Co. gathered the following information (the company uses the installment method of accounting):
2010 2011 2012
Installment sales 500,000 800,000 ?
Cost of Installment Sales ? 600,000 ?
Gross Profit on Installment Sales ? ? 282,000
Collection on:
2010 Sales 50,000 250,000 100,000
2011 Sales - 200,000 500,000
2012 Sales - - 400,000
Realized Gross Profit 11,000 ? 241,000

Based on the information given above, the cost of installment sales for the year 2012 was:
a. 900,000 c. 932,000
b. 918,000 d. 940,000

____ 10. The Precious Appliance Company started business on January 1, 2011. Separate accounts were established for
installment and cash sales.

Page | 2
 On installment sales, the contract price is 106% of the cash sale price. A standard installment contract is used
whereby a down payment of 1/4 of the installment price is required, with the balance payable in 15 equal
monthly installments. The interest charged per month is 1% for the unpaid cash sales price equivalent. It is
recognized in the period earned.

Installments receivable and installment sales are recorded at the contract price. When contracts are defaulted,
the unpaid balances are charged to Bad Debt Expense. Sales of defaulted merchandise are credited to Bad
Debt Expense.

The following data show the results of transactions in 2011:

Sales:
Cash Sales 126,000
Installment sales 265,000
Repossessed sales 230
Merchandise Inventory, January 1, 2011 58,060
Purchases 209,300
Merchandise Inventory, December 31, 2011:
New merchandise 33,300
Repossessed inventory 180
Cash collections on installment contracts:
Down payments 66,250
Subsequent installments including interest of P9,252.84
(average of six monthly installments on all contracts,
except on defaulted contracts) 79,341

Five contracts totaling P1,060 were defaulted after 3 monthly installment payments.

The gross profit percentage in 2011 based on cash sales price equivalent is:
a. 35.00% c. 37.75%
b. 45.45% d. 36.55%

____ 11. The total interest earned on a P1,060 installment sale contract for the first four months is:
a. P20.67 c. 39.15
b. 37.16 d. 159.00

____ 12.
The net gain (loss) on defaulted contracts during 2011 is:
a. (144.76) c. 38.57
b. (38.57) d. 141.43

____ 13. The realized gross profit for 2011 is:

a. 99,084.86 c. 99,623.67
b. 99,555.33 d. 99,024.86

____ 14. Deryl Builders Company began operations on January 1, 2012. During the year, Deryl Builders Company
entered into a contract with Jovi Company to construct a manufacturing facility. At that time, Deryl
Builders estimated that it would take five years to complete the facility at a total cost of P4,800,000. The
contract price for construction of the facility is P5,800,000.

During 2012, Deryl Builders incurred P1,250,000 in construction costs related to the project. Because of
rising material and labor costs, the estimated cost to complete the contract at the end of 2012 is
P3,750,000. Jovi Company was billed for and paid 30% of the contract price in accordance with the
contract agreement. It is further agreed, that any costs incurred is expected to be recoverable.

Compute the amount of construction in progress (net)-due from customers or progress billings (net)-
due to customers using Percentage of Completion method:
a. P490,000 due from c. P290,000 due from
b. P290,000 due to d. 0

Page | 3
____ 15. Compute the amount of construction in progress(net)-due from customers or progress billings (net)-
due to customers using Zero Profit method:

a. 0 c. 490,000 due to
b. 290,000 due to d. 490,000 due from

____ 16. On January 1, 20x1, Iza Co. was contracted by JD, Inc. under a fixed price contract for the construction of a
gymnasium. The contact price is P36M. Construction was started in 20x1 and was completed early in 20x3.
The following transactions occurred during the construction period.

20x1
a. Incurred total contract costs of P11,040,000.
b. Billed JD, Inc. for 50% of the contract price.
c. Collected 90% of the progress billing; 10% was retained by JD, Inc. to be reverted to Iza Co. upon
completion of the contract. The amount retained shall be used to rectify any unsatisfactory work to be
determined at the completion of the contract.
d. Estimated costs to complete as of December 31, 20x1 are P16,560,000.

20x2
a. Incurred total contract costs of P14,160,000.
b. Billed JD, Inc. for 30% of the contract price.
c. Collected 90% of the progress billings after a 10% retention by Iza.
d. Estimated costs to complete as of December 31, 20x2 are P2,800,000.

20x3
a. Incurred total contract costs of P2,000,000
b. Billed JD for the remaining 20% of the contract price. All receivables from JD were collected.
c. The construction contract was completed and ownership over the completed gymnasium was transferred to
JD.

Using the percentage of completion method, how much is the gross profit in 20x1?
a. 3,600,000 c. 3,360,000
b. 3,840,000 d. 4,020,000

____ 17. How much are the total collections on 20x1, 20x2 and 20x3, respectively?
a. 16,200,000; 10,080,000; 9,720,000 c. 18,000,000; 7,200,000; 10,800,000
b. 18,000,000; 10,800,000; 7,200,000 d. 16,200,000; 9,720,000; 10,080,000

____ 18. Assuming that the outcome of the project cannot be estimated reliably, how much is the contract revenue for
20x2?
a. 0 c. 14,160,000
b. 25,200,000 d. 18,000,000

____ 19. Under the percentage of completion method contract revenue for the period is computed
a. by multiplying the percentage of completion to the contract price
b. by dividing the contract price by the percentage of completion and deducting revenues
already recognized in the prior periods
c. by multiplying the percentage of completion to the contract price and deducting revenues
already recognized in the prior periods
d. by multiplying the percentage of completion to the contract price and adding revenues
already recognized in the prior periods

____ 20. On September 30,2012, Mica Co. was awarded the contract to build a 1,000-room hotel for P240
million. Among others, the parties agreed to the following:
* 20 % mobilization fee (deductible from final billing) payable within ten days from the signing of the
contract.
* Retention of 20% on all billings (to be paid with the final billing, upon completion and acceptance of
the project).
*Progress billings are to be paid within 2 weeks upon acceptance.

Page | 4
 By the end of 2012, the company had presented one progress billing, corresponding to 20% completion,
which was evaluated and accepted by the client on December 29, 2012 for payment in January next
year. In 2012, assuming use of the percentage of completion method of accounting, Mica Co. received
cash a total fee

a. 4,800,000 c. 48,000,000
b. 23,760,000 d. 52,800,000

____ 21. In 2012, Lawrence Builders Construction agreed to construct an apartment building at a price of
P2,000,000. The information relating to the costs and billings for the contract is as follows:

2012 2013 2014

Costs incurred to date P 560,000 P 1,200,000 P 1,570,000
Estimated costs yet to be 1,040,000 400,000 0
incurred
Customer billings each year 750,000 560,000 690,000
Collection of billings each year 560,000 640,000 700,000

The company is using the Cost Recovery Method of Construction Accounting.

In its December 31, 2012 balance sheet, Lawrence Builders would report:
a. The current asset, cost and profits in excess of billings (gross amount due from
customers), P190,000.
b. The current liability, billings in excess of cost (gross amount due to customers),
P190,000.
c. The current asset, contract amount in excess of billings, of P1,250,000.
d. The current assets, deferred profit of P290,000.

____ 22. In its December 31, 2013 balance sheet, Lawrence Builders would report :
a. The current asset, cost and profits in excess of billings (gross amount due from
customers), P190,000.
b. The current liability, billings in excess of cost (gross amount due to customers),
P110,000.
c. The current asset, contract amount in excess of billings, of P690,000.
d. The current assets, deferred profit of P130,000.

____ 23. In its December 31, 2014 balance sheet, Lawrence Builders would report in relation to the Construction
in Progress and Construct Billings Account:
a. The current asset, P2,000,000
b. The current liability , P2,000,000
c. The Construction-In-Progress Account of P2,000,000 and Contract Billings of
P1,570,000.
d. None

____ 24. In its December 31, 2012 income statement, the recognize revenue would be:

a. 0 c. 560,000
b. 160,000 d. 640,000

____ 25. On April 1, 2012, VDC Construction Company entered into a fixed cotract to construct a Mini-Dam for
P12,000,000. VDC Construction appropriately accounts this contract under the percentage of
completion method. Information relating to the contract is as follows:

2012 2013
Percentage of completion 20% 60%
Estimated total costs at completion P9,000,000 P9,600,000
Gross profit earned to date 600,000 1,440,000

What is the amount of contract costs incurred during the year ended December 31, 2012?

a. 1,800,000 c. 3,960,000

Page | 5
 b. 2,400,000 d. 5,760,000

____ 26. What is the amount of contract costs incurred during the year ended December 31, 2013?
a. 2,400,000 c. 3,960,000
b. 3,840,000 d. 5,760,000

____ 27. On August 1, 2012, PAUL Corp. sold a piece of land costing P1,350,000 at a gross margin of 66 2/3% above
cost. The buyer pad a 20% down payment and made four installments of P90,000 each during the same year.
Using the installment method of accounting, how much is the realized gross profit in 2012?

a. 180,000 c. 486,000
b. 324,000 d. 216,000

____ 28. As of July 1, 2008, Flores and Garcia decided to form a partnership. Their balance sheets on this date are:
Flores Garcia
Cash 1,500 3,750
Accounts Receivable 54,000 22,500
Merchandise Inventory - 20,250
Machinery and Equipment 15,000 27,000
Total 70,500 73,500

Accounts Payable 13,500 24,000

Flores, Capital 57,000 -
Garcia, Capital - 49,500
Total 70,500 73,500

The partners agreed that the machinery and equipment of Flores is under depreciated by P1,500 and that of
Garcia by P4,500. Allowance for doubtful accounts is to be set up amounting to P12,000 for Flores and
P4,500 for Garcia. The partnership agreement provides for a profit and loss ratio and capital interest of 60%
to Flores and 40% to Garcia. How much cash must Flores invest to bring the partners’ capital balances
proportionate to their profit and loss ratio?
a. 14,250 c. 17,250
b. 5,250 d. 10,250

____ 29. The partnership of Patrice, Loreena and Lawrence decided to liquidate on May 31, 2012. Before liquidating
and sharing the net income, their capital balances are as follows: Patrice (30%) P1,250,000; Loreena
(30%)P900,000 and Lawrence(40%) P1,100,000. Net income from January 1 to May 31 is P600,000.
Liabilities of the partnership amounted to P1,050,000 and its total assets include cash amounting to P350,000.
Unsettled liabilities are P550,000. Patrice invested additional cash enough to settle their partnership’s
indebtedness. Loreena is personally solvent, Lawrence is personally insolvent and Patrice became insolvent
after investing the cash needed by the partnership.
How much were the partnership’s noncash asset sold for?

a. 150,000 c. 440,000
b. 225,000 d. 750,000

____ 30. Each of Pizza Pie Co.’s 21 new franchisees contracted to pay an initial franchise fee of P30,000. By
December 31, 2011, each franchisee had paid a non-refundable P10,000 fee and signed a note to pay P10,000
principal plus the market rate of interest on December 31, 2012, and December 31, 2013. Experience
indicates that one franchise will default on the additional payments. Services for the initial fee will be
performed in 2011. What amount of net unearned franchise fees would Pizza report on December 31, 2011?

a. 400,000 c. 610,000
b. 600,000 d. 630,000

____ 31. Lovely Construction Co. was engaged on October 1, 2011 to construct a building for a contract price of
P8,400,000 payable in 5 installments. One-fifth of the contract price was to be paid upon completion of each
quarter of the work (as defined in detail by the terms of the contract), the final payment being due within 10
days after acceptance of the completed project.

Page | 6
 By December 29, 2011, 3/4 of the building had been completed whereupon the third billing was made in
accordance with the terms of the contract (cash had been received on the previous billings). During 2011, a
total of P4,200,000 had been disbursed by Lovely for costs incurred and, at year-end, outstanding accounts
payable for materials purchases totaled P1,000,000. Lovely expected that an additional P1,800,000 would be
required to complete the project.

Using percentage of completion method on output basis proportional method, the gross profit to be
recognized in the 2011 income statement would be:
a. 950,000 c. 1,050,000
b. 1,040,000 d. 1,100,000

____ 32. Jenny Construction Co. has two projects for which it reported, as of December 31, 2012, the following
information:

In thousand pesos Project A Project B

Contract Price 4,800 P860
2011: Costs incurred 3,400
Percent completed 75%
2012: Costs incurred 1,250 140
Percent completed 25% 15%

Using percentage of completion method of revenue recognition, gross profit on project A to be recognized in
2011 would be
a. 200,000 c. 400,000
b. 300,000 d. 900,000

____ 33. AJD Builders entered into a contract to construct an office building and plaza at a contract price of
P10,000,000. Gross profit is to be recognized using the percentage of completion method - output measures as
determined by estimates made by the architect. The data below summarize the activities on the construction
for the years 2010 through 2012:
Actual Est. Costs % Complete Progress Year
Cost incurred to Complete Architect’s Estimate Billings Collections
2010 3,200,000 6,000,000 25% 3,300,000 3,100,000
2011 4,300,000 1,600,000 75% 4,500,000 4,000,000
2012 1,550,000 0 100% 2,200,000 2,900,000

Compute the recognized gross profit - proportional cost approach for the years 2010, 2011 and 2012,
respectively:
a. 200,000; 675,000; 950,000 c. 278,261; 741,758; 950,000
b. 278,261; 463,497; 208,242 d. 200,000; 475,000; 275,000

____ 34. What is the recognized revenue - proportional cost approach for the year?
a. 2,500,000; 750,000; 10,000,000 c. 3,478,261; 4,763,497; 1,758,242
b. 2,500,00.0; 5,000,000; 2,500,000 d. 3,478,261; 8,241,258; 10,000,000

____ 35. What is the recognized revenue - actual cost approach for the year?
a. 3,400,000; 4,775,000; 1,825,000 c. 3,400,000; 5,000,000; 1,825,000
b. 2,500,000; 5,000,000; 2,500,000 d. 2,500,000; 4,775,000; 2,500,000

36. Churba has a normal gross profit on installment sales of 30%. A 2010 sales resulted in a default early in 2012.
At the date of default, the balance of installment receivable was P180,000, and the repossessed merchandise
has a fair value of P101,250. Assuming the repossessed merchandise is to be recorded at fair value, the gain or
loss on repossession should be.
a. P56,250 gain c. P24,750 loss
b. P56,250 loss d. P24,750 gain

37. Prestige Corporation began operations on July 1, 2012. The following information extracted from its records
at year-end:

Page | 7
 Cost of installment sales 546,875
Cost of regular sales 525,000
Mark-up on installment sales 140% of cost
Mark-up on regular sales 33 1/3 on sales
Balances at December 31, 2012:
Accounts Receivable 367,500
Operating expenses 398,125
Net income 170,625

A write-off of installment receivable amounting to P126,000 was made prior to the closing of 2012.

What is the ending balance of installment receivable as of December 31, 2012?

a. P661,500 c. P211,500
b. P787,500 d. P114,625

38. On July 10, 2012, PM Motors, which maintain a perpetual inventory records sold a new automobile to ANX
for P1.7 Million. The car costs the seller P1,301,250. The buyer paid 30% down and received P160,000
allowance on an old car traded, the balance being payable in equal monthly installment payments. The
monthly amortization amounts to P60,000 inclusive of 12% interest on the unpaid amount of the obligation.
The car traded in has a wholesale value of P240,000 after expending reconditioning cost of P45,000. After
paying three installments, the buyer suffered major financial setback incapacitating him to continue paying so
the car was subsequently repossessed. When reacquired, the car was appraised to have a fair value of
P600,000.

How much is the realized gross profit on installment sales during the year?
a. P213,899 c. P205,149
b. P37,649 d. Not enough information

____ 39. How much is the interest income?

a. 0 c. P29,404
b. P20,103 d. P30,900

40. On August 1, 2010, The Believer Corp. sold an inventory to Never Give Up Co. for P2,200,000. Terms of the
sale called for down payment of P550,000 and four annual installment of P412,500 due on August 1, 2011.
The inventory cost is P825,000. The company uses the perpetual inventory system.

Compute the amount of realized gross profit recognized in 2011using the installment method and accrual
method, respectively.
a. P343,750 and P412,500 c. P601,562 and P1,375,000
b. P343,750 and P1,375,000 d. P257,812 and P0

41. A construction contract has a fixed price contract of P9,000. The initial amount of revenue agreed in the
contract is P9,000. The contractor’s initial estimate of contract costs is P8,000. It will take 3 years to build the
bridge.

By the end of year 1, the contractor’s estimate of contract costs has increased to P8,050.

In year 2, the customer approves a variation resulting in an increase in contract revenue of P200 and estimated
additional contract costs of P150. At the end of year 2, costs incurred include P100 for standard materials
stored at the site to be used in year 3 to complete the project.

The contractor determines the stage of completion of the contract by calculating the proportion that contract
costs incurred for work performed to date bear to the latest estimated total contract costs. A summary of the
financial data during the construction period is as follows:
Yr.1 Yr.2 Yr.3
Contract costs incurred to date 2,093 6,168 8,200

Page | 8
 The amounts of revenue, expenses and profit recognized in the statement of comprehensive income in year 2
are:
a. 6,808; 6,068;740 c. 4,468; 3,975; 493
b. 2,340; 2,093; 247 d. 4.468; 6,768; 493

42. A and B formed a partnership. The partnership agreement stipulates the following:

i. Monthly salary of P20,000 for A.

ii. 20% bonus to A, before deductions for salary, interest and bonus.
iii. 10% interest on the weighted average capital of B.
iv. Salary, interest and bonus are considered partnership expenses.

The results of operations show the following:

Revenues 600,000
Expenses (480,000)
Profit 120,000

The weighted average capital balance of B’s capital account is P400,000.

How much is the bonus to A?

a. 100,000 c. 25,000
b. 80,000 d. 16,000

43. Zoe Corporation, sells a franchise for an initial fee of P700,000. A down payment of P200,000 is required,
with the balance covered by a P500,000, 10% note payable in five equal annual installments. If all the
material services have been performed and collectability of the notes is reasonably assured, but the refund
period has not yet expired, what journal entry is needed to record the transaction?
a. Cash 200,000
Notes Receivable 500,000
Franchise Fees 700,000
b. Cash 200,000
Notes Receivable 500,000
Unearned Franchise Fees 700,000
c. Cash 200,000
Notes Receivable 500,000
Franchise Fee 200,000
Unearned Franchise Fees 500,000
d. Cash 200,000
Notes Receivable 500,000
Franchise Fees 500,000
Unearned Franchise Fees 200,000

44. A partner’s withdrawal of assets from a partnership that is considered a permanent reduction in the partner’s
equity is debited to the partner’s:
a. Drawing Account c. Capital Account
b. Retained Earnings Account d. Loan Receivable Account

45. The partnership of Patrice, Loreena and Lawrence decided to liquidate on May 31, 2012. Before liquidating
and sharing the net income, their capital balances are as follows: Patrice (30%) P1,250,000; Loreena
(30%)P900,000 and Lawrence(40%) P1,100,000. Net income from January 1 to May 31 is P600,000.
Liabilities of the partnership amounted to P1,050,000 and its total assets include cash amounting to P350,000.
Unsettled liabilities are P550,000. Patrice invested additional cash enough to settle their partnership’s
indebtedness. Loreena is personally solvent, Lawrence is personally insolvent and Patrice became insolvent
after investing the cash needed by the partnership.
How much were the partnership’s noncash asset sold for?
a. P150,000 b. P225,000 c. P440,000 d. P750,000

Page | 9
 “Work as if you’ll die tomorrow,
Dream as if you’ll live forever.”

Prepared by:

_____________________________
JOHN LYNDON D. RAYOS, CPA
Instructor

Noted and Approved by:

______________________________
JEFFREY P. FRANCO, CPA, MBA

Page | 10
Dean, CAAT DepartmentAnswer Section

MULTIPLE CHOICE

1. ANS: B PTS: 1
2. ANS: B PTS: 1
3. ANS: A PTS: 1
4. ANS: A PTS: 1
5. ANS: C PTS: 1
6. ANS: B
Page 239 No. 59

PTS: 1
7. ANS: B
Page 240 No. 59

PTS: 1
8. ANS: D
Page 218 N. 6

PTS: 1
9. ANS: B
Page 220 No. 12

PTS: 1
10. ANS: C
245-68

PTS: 1
11. ANS: A PTS: 1
12. ANS: C PTS: 1
13. ANS: D PTS: 1
14. ANS: B PTS: 1
15. ANS: C PTS: 1
16. ANS: A PTS: 1
17. ANS: D PTS: 1
18. ANS: C PTS: 1
19. ANS: C PTS: 1
20. ANS: C PTS: 1
21. ANS: B PTS: 1
22. ANS: B PTS: 1

Page | 11
23. ANS: D PTS: 1
24. ANS: C PTS: 1
25. ANS: A PTS: 1
26. ANS: C PTS: 1
27. ANS: B PTS: 1
28. ANS: C PTS: 1
29. ANS: A PTS: 1
30. ANS: C PTS: 1
31. ANS: C
nO. 35

PTS: 1
32. ANS: A PTS: 1
33. ANS: D
No 31

PTS: 1
34. ANS: B
No. 32

PTS: 1
35. ANS: B
No. 33

PTS: 1
36. c
37. a
38. a
39c
40. D
41. C
42. a
43. b
44. c
45. a

Page | 12