Level 2 MCQs

Cost Accounting

An entity recently set-up its standard costs for its direct materials. The entity sets the benchmark
at 3 units of direct materials per product at a standard price of P5 per unit of direct material.
During the year, the entity acquired 400 units of direct materials at a total cost of P2,400. The
entity also manufactured 100 products using 250 units of direct materials.
1. What is the direct material price variance?
a. P250 unfavorable
b. P300 favorable
c. P350 favorable
d. P400 unfavorable
2. What is the direct material usage variance?
a. P150 unfavorable
b. P300 unfavorable
c. P250 favorable
d. P350 favorable
For Numbers 3 – 4
An entity recently set-up its standard costs for its direct labor. The entity sets the benchmark at 2
direct labor hours per product at a standard rate of P100 per direct labor hour.
During the year, the entity manufactured 10 products using 30 direct labor hours at total direct
labor costs of P2,400.
3. What is the direct labor rate variance?
a. P600 favorable
b. P400 unfavorable
c. P200 favorable
d. P800 unfavorable
4. What is the direct labor efficiency variance?
a. P400 favorable
b. P1,000 unfavorable
c. P600 unfavorable
d. P200 favorable

Job Order Costing

An entity employs actual costing for its production. An entity provided the following data
concerning its production during the year:

Decrease in direct materials during the year P500,000

Labor cost during the year 400,000
Actual factory overhead during the year 300,000
Increase in work in process during the year 200,000
Decrease in finished goods during the year 100,000
 5. What is the cost of goods manufactured during the year?
a. P1,200,000
b. P1,000,000
c. P1,400,000
d. P1,100,000

For Numbers 6 – 9

An entity employs normal costing for its production. The following data are provided during the
year:

Net purchases of raw materials during the year P500,000

Total labor costs during the year 800,000
Depreciation of factory assets during the year 100,000
Utilities on the factory during the year 300,000
Beginning Ending
Raw materials inventory P200,000 P300,000
Work in process inventory 500,000 200,000
Finished goods inventory 600,000 300,000

Additional notes are provided:

 The entity uses a single account for its direct material and indirect materials. Direct
material used is three times the indirect material used.
 The indirect labor cost is 1/8 of the total labor costs.
 The overhead application rate is 80% of direct labor costs.
 Any over or under application of overhead is considered material.

6. What is the total manufacturing cost during the year?

a. P1,560,000
b. P1,500,000
c. P1,640,000
d. P1,740,000

7. What is the cost of goods manufactured during the year?

a. P2,040,000
b. P1,860,000
c. P1,940,000
d. P1,800,000

8. What is the over or under application of overhead?

a. P60,000 over application
b. P140,000 under application
c. P40,000 under application
d. P160,000 over application
 9. What is the adjusted costs of goods sold during the year?
a. P2,200,000
b. P2,194,424
c. P2,183,220
d. P2,192,481

Joint Product and By-Product Costing

For Numbers 10 – 12

An entity is conducting a joint production at a total costs of P500,000. The joint production
results to the following inventories:

Alt Tab Del

Units produced 20,000 units 10,000 units 5,000 units
Selling price at split P150 P200 P5
off

Alt and Tab are considered main products while Del is considered by-product. The entity
considers its by-product as material. The by-product requires additional processing cost per unit
of P0.80 and its cost to sell is P0.20 per unit.

10. What is the value to be given to product Del?

a. P25,000
b. P21,000
c. P24,000
d. P20,000

11. What is the joint cost allocated to product Alt if the company employs physical method?
a. P333,333
b. P316,667
c. P317,333
d. P320,000

12. What is the joint cost allocated to product Tab if the company employs relative sales
value method?
a. P300,000
b. P200,000
c. P192,000
d. P288,000
Just-in-Time Inventory and Backflush Costing
An entity is employing backflush costing in connection with just-in-time production process. The
production data for the year is provided below:
 The entity acquired direct materials during the year at a cost of P100,000
 The entity reported direct labor cost of P200,000.
 The actual factory overhead incurred during the year amounted to P170,000.
 The standard factory overhead application rate is 75% of direct labor cost.
 The ending finished goods inventory is reported at P120,000.

13. What is the cost of goods sold to be reported by the entity under backflush costing?
a. P470,000
b. P350,000
c. P330,000
d. P300,000

For Numbers 14 – 16
A company has a cycle of 3 days, uses a Raw and In Process Account (RIP) and charges all
conversion costs to cost of goods sold. At the end of each month, all inventories are counted,
their conversion costs components are estimated, and inventory account balances are adjusted.
Raw material cost is backflushed from Raw and in Process (RIP) Account to finished goods. The
following information is provided for the month of June.

Beg. Bal. of RIP account, including P1,000 conversion cost P

5,000
Beg. Bal. of finished goods accounting including P6,000 conversion cost
10,000
Raw materials received on credit
400,000
Direct labor cost P300,000; Factory overhead applied P500,000
800,000
Ending RIP inventory per physical count, including P7,000 conversion cost
20,000
Ending finished goods inventory per physical count, including P4,000 conversion cost
6,000

14. What is the amount of conversion cost in units sold in June?

a. P802,000
b. P796,000
c. P794,000
d. P800,000

15. What is the amount of direct materials backflushed from RIP to finished goods?
a. P391,000
b. P404,000
c. P387,000
d. P395,000
 16. What is the amount of direct materials backflushed from finished goods to cost of goods
sold?
a. P395,000
b. P400,000
c. P393,000
d. P389,000

Activity Based Costing

For Numbers 17 – 18

An entity is choosing between traditional costing and activity-based costing. The following data
are provided:

Activity-Based Costing

Activity center Cost driver Amount of activity Center cost

Material handling Kilos handled 100,000 kg.
P200,000
Painting Units painted 50,000 units
300,000
Assembly Machine hours 10,000 hours 500,000

Traditional Costing
Traditional Labor hours 100,000 hours P1,000,000

Job 1 contains 3,000 units. It weights 10,000 kilos and uses 300 machine hours. The
direct labor hours on the job is 7,000 hours.

17. What is the applied overhead under traditional costing?

Traditional Costing
a. P70,000
b. P60,000
c. P80,000
d. P50,000

18. What is the applied overhead under Activity Based Costing?

a. P53,000
b. P56,000
c. P45,000
d. PP43,000
Process Costing without Spoilage

For Numbers 19 – 22

An entity is employing process costing regarding its production cycle.

Conversion costs are added uniformly at during the production process while direct materials are
added 10% at the start of production process, 50% at the middle of the production process and
the remainder at the end of production process.

The production data of the entity during the year is presented below:

Beginning Work in Process Inventory 10,000 units (30% incomplete as to

conversion costs)
Units started during the year 30,000 units
Ending Work in Process Inventory 5,000 units (75% incomplete as to
conversion costs)
Additional notes are provided:
 There is no spoilage during the period.
 The costs of beginning inventory consist of P103,000 costs of direct materials and
P107,500 conversion costs.
 The total manufacturing costs consist of P252,000 costs of direct materials and
P146,250.
19. What is the cost per unit of direct material under average process costing?
a. P10
b. P9
c. P8
d. P7

20. What is the cost per unit of conversion cost under average process costing?
a. P P10
b. P9
c. P8
d. P7

21. What is the cost per unit of direct material under FIFO process costing?
a. P10
b. P9
c. P8
d. P7

22. What is the cost per unit of conversion cost under FIFO process costing?
a. P5
b. P9
c. P8
d. P7
Process Costing with Spoilage

For Numbers 23 – 27
An entity is employing process costing regarding its production cycle.

Conversion costs are added uniformly at during the production process while direct materials are
added 20% at the start of production process, 45% at the middle of the production process and
the remainder at the end of production process.

The entity is conducting inspection when the production process is at 45% of conversion cost.
The production data of the entity during the year is presented below:

Beginning Work in Process Inventory 10,000 units (40% incomplete as to

conversion costs)
Units started during the year 40,000 units
Ending Work in Process Inventory 5,000 units (80% complete as to
conversion costs)
Units completed during the period 38,000 units
Additional notes are provided:

 Normal spoilage is 10% of units started during the year.

23. What is the abnormal spoilage in units during the year?
a. 7,000 units
b. 4,000 units
c. 3,000 units
d. 2,000 units

24. What is the equivalent unit of production for direct material under average process
costing?
a. 42,650 units
b. 41,150 units
c. 38,250 units
d. 43,750 units

25. What is the equivalent unit of production for conversion cost under average process
costing?
a. 44,650 units
b. 45,150 units
c. 43,250 units
d. 46,150 units

26. What is the equivalent unit of production for direct material under FIFO costing?
a. 35,150 units
b. 37,250 units
c. 36,150 units
d. 38,450 units
27. What is the equivalent unit of production for conversion cost under FIFO costing?
a. 39,150 units
b. 41,250 units
c. 37,450 units
d. 38,650 units
28. It is a costing system that values manufactured products with the actual material costs,
actual direct labor costs and manufacturing overhead based on a predetermined
manufacturing overhead rate.
a. Actual costing system
b. Normal costing system
c. Standard costing system
d. Budgeted costing system

29. If the under or over applied factory overhead is significant, it shall be closed to
a. Cost of goods sold only
b. Finished goods and cost of goods sold proportionately
c. Work in process, finished goods and cost of goods proportionately
d. Raw materials, work in process, finished goods, and cost of goods sold
proportionately

30. Which of the following will increase the cost of goods manufactured for the period?
a. Decrease in finished goods inventory for the period
b. Decrease in work in process for the period
c. Increase in direct materials for the period
d. Decrease in salaries payable for the period

31. In job order costing, normal spoilage which is a characteristic of a given production cycle
shall be
a. Expensed as incurred
b. Charged or capitalized to a specific job.
c. Closed to factory overhead account.
d. Debited to work in process account.

32. In job order costing, normal rework cost which is attributable to a specific job shall be
a. Expensed as incurred
b. Charged or capitalized to that particular job.
c. Closed to factory overhead account.
d. Debited to work in process account.

33. What is the only reason for the difference between the equivalent unit of production
computed under average process costing and FIFO process costing?
a. Completed portion in beginning work in process inventory
b. Incomplete portion in beginning work in process inventory
c. Completed portion in ending work in process inventory
d. Incomplete portion in ending work in process inventory
34. When will the average process costing method produce the same cost of goods
manufactured as the first in first out process costing method?
a. When materials are added 100% at the end of the process.
b. When materials are added 100% at the beginning of the process.
c. When the beginning work in process inventory and ending work in process
inventory are equal.
d. When there is no beginning work in process inventory.

35. Under which process costing method will the cost of the work in process inventory
beginning be ignored in the computation of cost per unit?
a. FIFO process costing
b. Average process costing
c. Both A and B
d. Neither A nor B

36. In a manufacturing company, which of the following product costs shall be considered as
prime cost and conversion cost at the same time?
a. Salary of the factory security guard
b. Freight in of the direct materials
c. Depreciation expense of sewing machine
d. Employee benefits of factory worker

37. In a manufacturing company, which of the following product costs shall be considered as
prime cost but not conversion cost?
a. Insurance while in transit of the direct materials
b. Utility cost of the factory
c. Salary of the factory workers
d. Creditable value added tax

Level 2 Intermediate Accounting

1. What is net realizable value of inventory?

a. Estimated selling price less cost to sell
b. Estimated selling price less cost to complete
c. Estimated selling price less cost to complete and less cost to sell
d. Estimated selling price less cost to complete and less cost to sell and less
normal profit

2. Which of the following shall not generally be presented as part of operating

activities?
a. Interest received
b. Interest paid
c. Cash dividend received
d. Cash dividend paid
3. The following items will result to deferred tax asset, except
a. Rent received in advance is taxable at the time of receipt but deferred in
future periods for accounting purposes.
b. A probable and measurable litigation loss is recognized for accounting
purposes but deducted in determining taxable income when actually
incurred or paid.
c. Development cost capitalized and amortized over future periods in
determining accounting income but deducted in determining taxable
income in the period in which it is paid.
d. Estimated product warranty cost is recognized for accounting purposes in
the current period but deducted in determining taxable income when
actually incurred or paid.
4. The following are examples of directly attributable costs of an item of property,
plant and equipment, except
a. Cost of site preparation and professional fees
b. Cost of opening a new facility
c. Initial delivery, handling cost, installation and assembly cost
d. Cost of testing whether the asset is functioning properly
5. What is the proper treatment of unequal rental payments under operating lease?
a. They shall be recognized as expense or revenue based on the payment or
collection.
b. They shall be recognized as expense or revenue based on the provisions
of the contract.
c. They shall be recognized as expense or revenue using effective interest
method of amortization.
d. They shall be recognized as expense or revenue on a straight line
basis over the lease term unless another systematic basis is
representative of the time pattern of the user’s benefits.
6. Net remeasurement gain or loss on defined benefit plan shall be presented in
a. Income from continuing operations of profit or loss
b. Income from discontinued operations of profit or loss
c. Other comprehensive income with reclassification adjustment
d. Other comprehensive income without reclassification adjustment
7. Property dividends received are normally treated as income and recorded at
a. Book value of property received
b. Fair value of property received
c. Present value of cash flows of the property
d. Cost of property received
8. PAS 28, par. 23, provides that the excess of the investor’s share of the net fair
value of the associate’s identifiable assets and liabilities over the cost of the
investment is
a. Treated as goodwill
b. Recorded as a liability
c. Included as income in the determination of the investor’s share of the
associate’s profit or loss in the period in which the investment is acquired.
d. Excluded from the cost of investment in associate account.
9. The difference between the carrying amount of the investment at the date the
significant influence is lost and the fair value of the retained investment plus any
proceeds received from disposal of any part thereof in the associate, shall be
included in
a. Other comprehensive income
b. Retained earnings
c. Profit or loss
d. Ordinary share
10. The following items would qualify as financial instruments, except
a. Prepaid asset and unearned revenue
b. Cash in the form of notes, coins and checks
c. Trade accounts, notes receivable and bonds receivable
d. Debt and equity securities
11. How is the issue price of compound financial instrument allocated to liability and
equity components?
a. Prorate the issue price based on the fair values of the two instruments
b. Prorate the issue price based on book values of the two instruments
c. The liability component is equal to the market value without the
equity component and the remainder of issue price is allocated to
equity component.
d. The equity component is equal to its market value at the date of issue and
the remainder of issue price is allocated to liability component.
12. Share issuance costs such as printing of stock certificates, cost of stock and
transfer book, seal of corporation, underwriting and promotional fees, accounting
and legal fees related to share issuance shall be
a. Debited to expense account
b. Debited to share premium
c. Debited to retained earnings
d. Debited to share capital
13. These are an entity’s own shares that have been issued and then reacquired but
not canceled.
a. Ordinary shares
b. Share warrants
c. Share options
d. Treasury shares
14. When a retained earnings has a debit balance, it is called as
a. Deficiency
b. Deficit
c. Net loss
d. Accumulated profit
15. PAS 34 states a presumption that anyone reading interim financial reports will
a. Understand all Philippine Financial Reporting Standards.
b. Have access to the records of the entity.
c. Have access to the most recent annual report of the entity.
d. Not make decisions based on the report
 16. An entity suffered a loss from calamity on November 2,2012. Such loss shall be
recognized
a. On the four quarters equally.
b. On the first three quarters equally.
c. On the last or 4th quarter only.
d. On the last two quarter equally.
17. When are written put options considered dilutive?

a. If these contracts are “out the money.”

b. If the exercise or settlement price is higher than the average
market price.
c. If the exercise or settlement price is lower than the average market
price.
d. If the exercise or settlement price is equal to the average market
price.
18. What is the most appropriate method of depleting wasting assets?

a. Straight line method

b. Sum of the year’s digit method
c. Output or production method
d. Declining balance method
19. Revaluation surplus from a depreciable asset is realized as the asset is used. With
respect to nondepreciable asset, it is wholly realized on the retirement or disposal of the
asset. The realization of revaluation surplus shall be credited to

a. Profit or loss
b. Other comprehensive income with reclassification adjustment
c. Retained earnings
d. Other comprehensive income without reclassification adjustment
20. Under PAS36, what is the recoverable amount of an asset?

a. Lower of fair value less cost to sell or value in use

b. Lower of fair value less cost to sell or book value
c. Higher of fair value less cost to sell or value in use
d. Higher of value in use or book value

21. The method of amortization of an intangible asset shall reflect the pattern in which
the future economic benefits from the asset are expected to be consumed by the entity.
However, if such pattern cannot be determined reliably, what method shall be used?

a. Declining balance
b. Unit method
c. Straight line method
d. SYD method
22. Organization cost represents cost incurred in forming or organizing a corporation.
PAS 38 provides that organization costs shall be

a. Expensed as incurred
b. Capitalized as intangible asset
c. Credited to share premium
d. Capitalized as an item of PPE
23. The following are examples of investment property, except

a. Land held for long-term capital appreciation or for currently undetermined

use.
b. Building owned by the entity or held by the entity under a finance lease,
and leased out under one or more operating leases.
c. Property that is being constructed or developed for future use as an
investment property.
d. Car and equipment held for rentals and capital appreciation.
24. PAS 40 provides that when a property interest held by a lessee under an operating
lease is classified as investment property, the model that should be applied is

a. Either fair value model or cost model

b. Fair value model
c. Cost model
d. Revaluation model
25. PFRS 9 provides that an entity shall classify financial assets at any of the following,
except

a. Loans and receivables

b. Financial asset at amortized cost
c. Financial asset at fair value through profit or loss
d. Financial asset at fair value through other comprehensive income
26. PFRS 9 provides that a financial asset at amortized cost shall be measured initially
at

a. Fair value plus transaction cost

b. Fair value
c. Amortized cost
d. Present value

27. It is the price that would be received to sell an asset or paid to transfer a liability in
an orderly transaction between market participants at the measurement date.

a. Present value
b. Fair value
c. Current cost
d. Historical cost
28. PFRS 9 provides that a financial liability at fair value through profit or loss shall be
measured initially at

a. Fair value minus transaction cost

b. Fair value
c. Amortized cost
d. Face value
29. Total net income over the life of an entity is

a. Higher under the cash basis that under the accrual basis
b. Lower under the cash basis that under the accrual basis
c. The same under the cash basis as under the accrual basis
d. Not susceptible to measurement
30. What is the treatment of prior period error?

a. Prospective application
b. Prospective restatement
c. Retroactive application
d. Retroactive restatement
31. If there is doubt or difficulty in determining whether a change refers to accounting
policy or accounting estimate, PAS 8 requires the entity to treat the change as

a. Change in accounting policy without appropriate disclosures

b. Change in accounting estimate with appropriate disclosures
c. Change in accounting policy with appropriate disclosures
d. Change in accounting estimate without appropriate disclosures
32. It means applying a new accounting policy to transactions, other events and
conditions as if the policy had always been applied.

a. Retrospective application
b. Retrospective restatement
c. Prospective application
d. Prospective restatement
33. The following items are considered as noncurrent assets, except

a. Deferred tax asset

b. Noncurrent asset held for sale
c. Investment property
d. Biological asset
34. Which of the following items shall not be included in the Stockholder’s Equity
Section of the Statement of Financial Position?

a. Subscription receivable collectible beyond one year

b. Bonds Premium
c. Treasury Shares
d. Revaluation Surplus
35. The following are the components of “other comprehensive income” with
reclassification adjustment, except

a. Unrealized holding gain or loss on FAFVOCI – Debt Instrument

b. Unrealized holding gain or loss from translating the financial statements of
a foreign operation to presentation currency
c. Change in revaluation surplus
d. Unrealized gain or loss from derivative contracts designated as cash flow
hedge

36. The following are the sources of income, except

a. Sale of merchandise to customers

b. Rendering of services
c. Signing of contract
d. Use of entity resources

37. As a minimum, the income statement and statement of comprehensive income shall
include the line items which present the following amounts, except

a. Extraordinary items after tax

b. Finance cost
c. Income tax expense
d. Share of income or loss of associate

38. PFRS 5, par. 15, provides that an entity shall measure a noncurrent asset or
disposal group classified as held for sale at

a. Lower of cost or amount value less cost to sell

b. Lower of carrying value or recoverable amount
c. Lower of cost or value in use
d. Lower of carrying amount or fair value less cost to sell

39. PFRS 5, par. 33, provides that results from discontinued operation shall be
presented in the income statement

a. After the income from continuing operation before tax

b. Before the income from continuing operation before tax
c. After the income from continuing operation after tax
d. Before the income from continuing operation after tax

40. What standard governs agricultural land?

a. PAS 2 – Inventory
b. PAS 16 – PPE
c. PAS 41 – Agriculture
d. PFRS 5 – Noncurrent asset held for sale
41. Agricultural produce shall be measured at

a. Historical cost
b. Fair value less cost to sell at the point of harvest
c. Current cost
d. Net realizable value

42. What is the proper treatment of bond issue costs or transaction costs of financial
liability at amortized cost?

a. Treat as outright expense as incurred.

b. Recognized as a current asset.
c. Amortize over the life of the bond in a manner similar to a premium on
bonds payable
d. Amortize over the life of the bond in a manner similar to a discount
on bonds payable
43. The following are book reconciling items that require adjusting entries in the book of
depositor, except

a. Erroneous bank credit

b. Bank service charge
c. Interest earned
d. NSF Check

44. As a general rule, bad debts expense shall be classified in the Income Statement as

a. Selling Expense or Distribution Cost

b. Administrative expense
c. Finance cost
d. Other expense
45. The following are examples of receivable financing, except

a. Assignment of Accounts Receivable

b. Defalcation of Accounts Receivable
c. Factoring of Accounts Receivable
d. Discounting of Note receivable

46. The following items may qualify as cash equivalents, except

a. Redeemable preference shares

b. Ordinary shares
c. Held to maturity bonds receivable
d. Money market placement
47. The following expenses are matched using cause and effect association, except

a. Bad debts expense

b. Warranty expense
c. Sales commission
d. Impairment loss
48. The following adjusting entries will require reversing entries, except

a. Accrued expenses
b. Accrued income
c. Prepaid expense using expense method
d. Unearned income using liability method
49. Which of the following statements pertaining to a trial balance is incorrect?

a. It is a control device that helps to minimize accounting errors.

b. It is normally prepared at the end of every accounting period after all
transactions for the period have been recorded and posted to the general
ledger.
c. It provides evidence that the total debits equal the total credits.
d. If it is in balance it signifies the absence of errors in the journalizing
and posting of transactions.
50. Which of the following is an example of real-adjunct account?

a. Allowance for bad debts

b. Freight In
c. Sales discount
d. Premium on Bonds Payable

51. What is the property treatment of change in the depreciation method?

a. Change in accounting policy and retrospectively

b. The change shall affect the current period only.
c. The depreciation charge for the current and future periods shall be
adjusted.
d. The previous year’s depreciation shall be adjusted.

52. If an entity’s accounting policy results in the recognition of an exploration and

evaluation of asset, PFRS 6 provides that such asset shall be measured initially at

a. Fair value
b. Cost
c. Present value
d. Recoverable amount
53. The following expenditures are not components of the cost of an internally
generated intangible assets, except

a. Selling, administrative and general overhead

b. Amortization of patents and licenses that are used to generate the
intangible asset.
c. Clearly identified inefficiencies incurred before an asset achieves planned
performance.
d. Expenditures on training staff to operate the asset.

54. PAS 40 provides that investment property shall be measured initially at

a. Fair value
b. Cost
c. Present value
d. Book value

55. The following are examples of government assistance, except

a. Free or technical marketing advice

b. Improved facilities such as irrigation for the benefit of an entire local
community
c. Provision of guarantee
d. Government procurement policy that is responsible for a portion of the
entity’s sales

56. The following costs are normally classified as cost of the land, except

a. Broker’s commission
b. Cost of excavation
c. Cost of surveying
d. Cost of option to buy the acquired land

57. What shall the depreciation of an item of property, plant and equipment begin?

a. When the asset is derecognized.

b. When the asset is available for use.
c. When the asset is classified as held for sale under PFRS 5.
d. When the asset is classified as inventory under PAS 2.
58. The following methods of depreciation are based on the passage of time, except

a. Straight line
b. Declining balance method
c. Units of production method
d. Sum of the year’s digit method

59. The following are examples of financial assets, except

a. Cash and cash equivalents

b. Gold bullion
c. Held to maturity securities
d. Available for sale securities

60. When a machinery is purchased, the cost normally includes the following, except

a. Freight, handling, storage and other cost related to the acquisition

b. Removal cost of old machinery to make room for the new one
c. Insurance while in transit
d. Cost of safety rail, platform and water device for the machine
61. DEFIANCE Inc. is reviewing its method for determining its bad debts expense. It has
been the company’s policy to provide bad debts expense based on 10% of ending
accounts receivables. During 2014, DEFIANCE Inc. shifted from 10% of ending
accounts receivables to 20% of its net credit sales. All of the company’s sales are on
account. The following data are obtained from the accounting records of the company:

Debit Credit

Accounts receivable,1/1/2014 P1,000,000

Accounts receivable,12/31/2014 2,000,000

Allowance for bad debts, 1/1/2014 50,000

Total credit sales during 2014 P3,000,000

Sales discount 200,000

Sales return 300,000

During the year, the company wrote off P20,000 accounts receivable proven to be
worthless and recovered previously written off accounts receivable in 2013 in the
amount of P30,000.
What is the amount of bad debt expense to be presented by DEFIANCE INC. for
the year ended December 31, 2014?

a. P200,000

b. P500,000

c. P460,000

d. 240,000

62. The following transactions affecting the accounts receivable of Wonder Company
took place during the year ended December 31,2014:

Sales (cash and credit) P5,900,000

Cash received from credit customers, all of whom took advantage of the discount

feature of the company’s credit terms 4/10, n/30 3,024,000

Cash received from cash customers 2,100,000

Accounts receivable written off as worthless 50,000

Credit memorandum issued to credit customers for sales returns and allowances 250,000

Cash refunds given to cash customers for sales returns and allowances 20,000

Recoveries on accounts receivable written off as uncollectible in prior periods (not

included in cash amount stated above) 80,000

The following balances were taken from the January 1,2014 Statement of Financial
Position:

Accounts Receivable P950,000

Allowance for bad debts 100,000

The entity provided for uncollectible account losses by crediting allowance for doubtful
accounts in the amount of P70,000 for the current year.

What is the net realizable of accounts receivable on December 31, 2014?

a. 1,180,000

b. 1,226,000

c. 1,080,000

d. 1,100,000
63. The cash accountant of SOX Inc. prepared the following bank reconciliation
SOX Balance (Bank Statement)-12/31/2014P2,000,000 BPI Checking Account- 12/31/2014 P2,300,000

Add: NSF Check 200,000 Add: Interest on note receivable 30,000

Deposit in transit 600,000 Outstanding checks 100,000

Less: Note receivable of SOX’s customers Less: Bank service charge 40,000

collected by BPI 410,000 Adjusted Balancer per Bank P2,390,000

Adjusted Balance per book P2,390,000

What is the adjusted balance per bank to be presented on December 31, 2014
Statement of Financial Position?

a. P1,500,000

b. P2,500,000

c. P2,800,000

d. 2,200,000

64. On January 1, 2014, SHEPERD Inc. purchased 100 cows which are 3-year old for
P15,000 each for the purpose of producting milk for the local community. On July
1,2014, the cows gave birth to 20 calves. The active market provided the fair value less
cost to sell of the biological assets as follows:

Newborh calf on July 1 4,000

Newborn calf on December 31 5,000

½ year old calf on December 31 7,000

3 years old cow on December 31 18,000

4 years old cow on December 31 24,000

What is the gain due to price change for the year ended December 31, 2014?

a. P320,000

b. P440,000

c. P260,000

d. P380,000
65. Using the same data in number 64, what is the gain due to physical change for
the year ended December 31, 2014 ?

a. P660,000

b. P780,000

c. P640,000

d. P720,000

66. On January 1, 2014, GE Inc. borrowed a one-year P10,000,000 loan from BDO Inc.
to finance specifically the construction of its new administrative building. The loan has
an interest rate of 15%. Construction of the building started on January 1, 2014 and it
was completed at the end of year 2014. Out of the total loan, P4,000,000 was
temporarily invested by GE Inc. to the BDO for a 90-day time deposit with 10% interest.

Assuming a 360-day period, what is the capitalizable borrowing cost of the

building?

a. P1,500,000

b. P1,100,000

c. P1,400,000

d. P1,600,000

67. The following records are provided by the cash accountant of CAVS Inc. as of
December 31, 2014:

Coins P 100,000

Currency 300,000

Petty cash fund (P10,000 in IOUs and P20,000 in vouchers) 50,000

Foreign currency deposit (restricted) 200,000

RCBC Checking Account (overdraft) (200,000)

Postdated check from a customer of CAVS Inc. 30,000

Undelivered check for payment of accruals drawn by CAVS Inc. (PNB) 20,000

Savings Deposit in a bank closed by BSP 100,000

PNB Checking Account 500,000

What is the total cash and cash equivalents to be presented in the December 31,
2014 Statement of Financial Position?

a. 770,000

b. P970,000

c. P940,000

d. P920,000

68. SM CINEMA Inc. started a promotional campaign to boost its sale of tickets. The
promo will start on January 1, 2014. For every 10 used tickets submitted, a customer
will receive a THOR-TOY upon payment of P100. On January 1, 2014, SM CINEMA
purchased 5,000 THOR-TOYs at P500 per piece. During 2014, a total of 50,000 tickets
were sold. At the end of the 2014, 20,000 tickets were redeemed by the moviegoers.
SM CINEMA estimated that 60% of the customers will probably avail of the promo.
What is the estimated premium liability to be presented by SM CINEMA as of
December 31, 2014?
a. P1,200,000
b. P400,000

c. P800,000

d. zero

69. On July 1, 2014, NYY Inc. issued a two-year, P4,000,000, note-payable with 10%
interest payable semi-annually every January 1 and July 1. NYY was able to pay the
interests on January 1, 2015 and July 1, 2015. On December 31, 2015, NYY accrued
the appropriate interest for the note-payable. However, due to financial difficulties it is
experiencing on December 31, 2015, NYY Inc. negotiated for asset-swap debt
restructuring which was granted by the lender. NYY Inc. transferred ownership of a
building with a cost of P5,000,000 and accumulated depreciation of P1,500,000. The
fair value of the building as of the date of restructuring is P4,500,000.

What is the gain/(loss) on asset swap-debt restructuring to be recognized by NYY

Inc. on December 31, 2015?
a. P500,000
b. P700,000
c. (P500,000)

d. (P300,000)
70. On January 1, 2014, SELF Inc. purchased a building for P33,000,000 with salvage
value of P3,000,000 and useful life of 20 years. SELF Inc. depreciates its building using
straight-line method. On January 1, 2016, SELF reviewed the depreciation of the
building and changed from straight-line to Sum of the years unit method. It also
determined that the useful life of the building should only be 12 years from the date of
acquisition with no residual value.

What is the book value of the building on December 31, 2016?

a. P21,545,455

b. P25,384,615

c. P 24,545,455

d. P21,384,615

71. LBC Inc. makes monthly contribution to PHILHEALTH for its employees. During
2014, LBC contributed a total of P5,000,000 to PHILHEALTH but according to the
provision of the law, the mandatory contribution of LBC for year 2014 should be
P7,000,000. The balance of Prepaid/(Accrued) benefit cost on January 1, 2014 is
P3,000,000 debit.

What is the employee benefit expense to be recognized by LBC Inc. for the year
ended December 31, 2014?

a. P5,000,000

b. P7,000,000

c. 8,000,000

d. P10,000,000

72. On January 1,2013, ELITE Inc. acquired 20,000 preference shares of SM Inc. at
P10/share for currently undetermined use. ELITE paid to P20,000 to stock dealers and
transfer duties to SEC in the amount of P30,000. On December 31,2013, the following
quoted prices of SM Preference Shares are available in the Philippine Stock Exchange:
Asking Price – P15 & Bid Price – P9.

What is the unrealized holding gains or losses to be reported by ELITE on the

Statement of Comprehensive Income as part of Other Comprehensive Income for
the year ended December 31,2013?
 a.P50,000 gain (credit)

b. P70,000 loss (debit)

c. P20,000 loss (debit)

d. P100,000 gain (credit)

73. UST Inc., a private profitable educational institution, received P5,000,000 from the
City of Manila on January 1, 2014. The deed of donation provides that the cash shall be
used by UST Inc. for its community involvement activities for 4 years. The following are
the expenditures incurred by UST Inc. for its community involvement activities:

2014 – P1,000,000 2015 – P2,000,000 2016 – P3,000,000 2017

– P4,000,000

What is the realized income from government grant to be recognized by UST Inc.
for the year ended December 31, 2016?

a. P1,000,000

b. P3,000,000

c. P2,000,000

d. P1,500,000

74. The following data pertain to year 2013 opertion of RIN Inc.

Beginning inventory P 100,000

Gross purchases 600,000

Freight in 100,000

Purchase return 150,000

Purchase discount and allowance 50,000

Gross sales 1,000,000

Sales return 300,000

Sales allowance and discount 100,000

Gross profit based on sales 40%

On December 31,2013, a fire razed RIN’s factory. An inventory with selling price of
P100,000 was saved.
How much is the loss on inventory due to fire?
a. P240,000

b. P180,000

c. P80,000

d. P120,000

75. On January 1, 2014, ANA Inc. acquired a machinery for P1,200,000 with residual
value of P200,000 and useful life of 5 years. On December 31, 2016, due to invention of
new machine, ANA Inc. tested for impairment the building. As of this date, the fair value
of the building is P800,000 while the cost to sell is P100,000. The entity specific value of
the factory together with the machinery is P1,000,000. The value in use of the
machinery is P750,000.
After the testing for impairment, what is the amount to be presented by ANA Inc.
as the carrying value of machinery on December 31, 2016?
a. P600,000

b. P700,000

c. P750,000

d. P1,000,000

76. The accounting records of JLN Inc. shows a financial net income of P2,500,000 on
December 31, 2014. Included in this amount are the following:
 Insurance expense of P100,000 for the premium paid on the life insurance policy
of Janet Napoles, JLN’s CEO. The beneficiary of the life insurance policy is JLN
Inc.
 Interest income of P400,000 on money market placement which is already
subjected to 20% final tax.
 Dividend income P500,000 from SMART Inc., a domestic corporation.
 Penalties, fines and surcharges amounting to P300,000 as a result of tax evasion
case and paid to BIR.
Assuming a 30% corporate income tax, what is the total income tax expense to be
presented by JLN Inc. for year 2014?
a. P750,000
b. P900,000

c. P600,000

d. P660,000
77. ELF Inc. has the following transactions on January 1, 2014:
a. It acquired a customer list by issuing 10,000 of its ordinary shares with P10 par value
and quoted at local exchange at P15. The fair value of the customer list is P200,000. Its
useful life is 5 years and legal life of 10 years.

b. It incurred organization costs totaling P50,000 and stock issuance cost of P30,000
during the formation of the corporation.

c. It purchased a franchise by issuing a bonds payable with face value of P1,000,000

and trading at 110. The fair value of the franchise is P1,500,000. The franchise requires
a contingent franchise fee of 10% of total sales of ELF. During 2014, ELF’s sales totaled
P2,000,000. The useful life of the franchise is 20 years.

d. It incurred P200,000 for internally generated brands and mastheads which has useful
life of 4 years.
What is the carrying value of total intangible assets on December 31, 2014?
a. P1,545,000

b. P1,355,000

c. P1,735,000

d. P1,205,000

78. APPLE Inc. produces the following types of inventories with their corresponding
relevant data:

Product Historical Cost Estimated Estimated Estimated

Estimated

Selling Price Gross Profit Cost to Complete Cost to Sell

IPOD P1,000,000 P2,000,000 P500,000 P200,000 P300,000

ITOUCHP2,000,000 P3,000,000 P1,000,000 P800,000 P400,000

IPAD P4,000,000 P5,000,000 P2,000,000 P800,000 P700,000

What is the total loss on inventory writedown to be presented as part of Cost of

Sales of Apple?

a. P200,000

b. P500,000

c. P700,000

d. P400,000
79. In 2010, Neil company held the following ordinary share investments:

- 30,000 shares of Brock company’s 100,000 outstanding shares. Neil’s level of

ownership gives it the ability to exercise significant influence over the financial and
operating policies of Brock.

- 6,000 shares of Amal company’s 300,000 outstanding shares.

During 2010, Neil received the following distributions from its investments:

November 15 P300,000 cash dividend from Brock.

November 30 P15,000 cash dividend from Amal

December 31 3% stock dividend from Amal. The closing price of the share
on a national exchange was P150.
What amount of dividend revenue should Neil report for 2010?
a. P15,000

b. P42,000

c. P315,000

d. P342,000

80. On January 1,2009, marie company purchased 40% of the outstanding ordinary
shares of lester company paying P2,560,000 when the book value of the net assets of
Lester equaled P5,000,000. The difference was attributed to equipment which had a
book value of P1,200,000 and a fair value of P2,000,000 and to building with a book
value of P1,000,000 and a fair value of P1,600,000. The remaining useful life of the
equipment and building was 4 years and 12 years, respectively. During 2009, Lester
reported net income of P1,600,000 and paid dividends of P1,000,000.

What is the carrying value of the investment in Lester company on December

31,2009?

a. P2,550,000

b. P2,700,000

c. P2,800,000

d. P3,050,000
81. On January 1, 2014, BROKER Inc. acquired bonds of BDO Inc. with the intention of
obtaining profit for short-term fluctuations in its fair value. The bonds are purchased for
P3,100,000. BROKER Inc. incurred transaction costs totaling P49.211. The bonds have
face value of P3,000,000 payable at the end of its three-year term. Interest of 12% is
payable annually every December 31. The applicable effective rate of the bonds is 10%.
On December 31, 2014, the bonds of BDO are traded in the exchange market at 110.
On January 1, 2015, BROKER Inc. sold the bonds of BDO for 105 less disposal cost of
P20,000.

How much is the unrealized holding gain/(loss) to be recognized by BROKER Inc.

for the year ended December 31, 2014?

a. P150,789

b. P200,000

c. P132,884

d. P300,000

82. On January 1, 2014, VISTA LAND Inc. acquired a building to be held for long-term
capital appreciation at a total cost P12,000,000. It is VISTA LAND’s policy to use fair
value model in accounting for its investment property. The useful life of the building is 5
years with residual value of P2,000,000. The fair values of the building are as follows:

December 31, 2014 P15,000,000

December 31, 2015 P10,000,000

On January 1, 2016, VISTA LAND Inc. sold the property for P13,200,000 and incurred
disposal cost of P200,000.

How much is the depreciation expense to be recognized by VISTA LAND Inc. for
the year ended December 31, 2014?

a. P2,000,000

b. P2,400,000

c. P1,000,000

d. Zero
83. On January 1, 2014, Metrobank Inc. granted a loan to ROB Inc. with a principal of
P10,000,000 and a term of 5 years. The whole principal will be due on December 31,
2018. Interest of 10% is payable annually every December 31. Metrobank incurs
P300,000 of direct loan origination cost and P150,000 indirect loan origination cost. In
addition, Metrobank charges ROB Inc. 8% nonrefundable loan origination fee.
What is the amount of loans receivable initially recognized by Metrobank Inc. on
January 1, 2014?
a. P10,350,000

b. P9,500,000

c. P10,500,000

d. P9,650,000

84. On January 1, 2014, FILI Inc. acquired an equipment by issuing a 4-year,

P8,000,000, non-interest bearing note payable. The note is payable in 4 annual equal
installments every December 31. The applicable discount rate for similar note is 10%.

What is the carrying value of the note payable on December 31, 2015?

a. P6,973,704

b. P3,471,074

c. P4,973,704

d. P4,246,972

85. On January 1,2014, MEN Inc. established a sinking fund of P3,000,000 under a
trustee PNB Bank for payment of Bonds Payable which will mature on January 1,2016.
On December 31,2014, the periodic trustee report shows that P1,500,000 was invested
in securities and P1,000,000 in money market placement. On December 31,2015, the
periodic report from the trustee shows that the securities were sold for P2,000,000 and
interest received on money market placement was P150,000. The trustee’s fees and
administrative expenses during 2015 are P60,000 and P40,000 respectively. On
January 1,2016, MEN Inc. received a periodic report from the trustee that bonds
payable of P3,000,000 and interest of P300,000 were paid.
What is the carrying value of Bond Sinking Fund on December 31, 2015?
a. P3,650,000

b. P3,500,000

c. P3,150,000

d. P3,550,000
86. On January 1, 2014, NFL purchased equipment to be used for mixing its products at
a cash price of P500,000. In addition to the cash payment, the entity incurred the
following cost: freight cost – P20,000; assembly cost – P30,000; cost of trial runs –
P50,000; removal cost of old equipment– P60,000; nonrefundable import duties –
P40,000; creditable value added tax – P60,000; insurance of the equipment for the year
2014 – P10,000.
What is the total cost of equipment to be capitalized by NFL on January 1, 2014?
a. P640,000

b. P650,000

c. P710,000

d. P720,000

87. On July 1, 2014, PEZA Inc. was sued by a labor union of its company for illegal
dismissal. On December 31, 2014, the legal counsel of PEZA Inc. determined that it is
probable that PEZA will lose in the case. There is no reliable estimate of the exact
liability but the legal counsel believes that the liability is at the range of P2,000,000 to
P4,000,000.

What is the amount of provision for lawsuit to be recognized by PEZA Inc. as of

December 31, 2014?

a. P2,000,000

b. P4,000,000

c. P3,000,000

d. None, only disclosure.

88. On July 1, 2014, AWIT Inc. received a 180-day P1,000,000 note receivable from its
customer with 10% interest. Due to financial difficulties, AWIT Inc. discounted the said
notes receivable to RCBC Inc. on August 15, 2014 at a 15% discount rate.

What is the net proceeds from the note discounting to be received by AWIT Inc.?
(Assume 360-day)

a. P990,937.50

b. P1,030,312.50

c. P995,237.50

d. P1,015,213.50
89. RAY Inc. incurred the following costs during on January 1, 2014:

Cost of equipment acquired that will have alternative uses in future research and

development projects over the next five years P1,400,000

Materials consumed in research and development projects 295,000

Consulting fees paid to outsiders for research and development projects 500,000

Personnel costs of persons involved in research and development projects 640,000

Indirect costs reasonably allocable to research and development projects 250,000

Materials purchased for future research and development 170,000

What is the total research and development costs for the year ended December
31, 2014?

a. P1,965,000

b. P1,685,000

c. P3,085,000

d. P2,135,000

90. On January 1, 2014, AYT Inc. purchased a building with a cost of P22,000,000 and
residual value of P2,000,000. The estimated useful life of the building is 10 years. It is
AYT’s policy to use revaluation model for the building. On December 31, 2014, the fair
value of the building is P29,000,000.
What is the revaluation surplus to be reported in the Stockholder’s Equity Section
of the December 31, 2016 Statement of Financial Position?
a. P8,100,000

b. P7,200,000

c. P8,000,000

d. P7,000,000

91. On July 1, 2014, ROB Inc. leased a unit in its mall for four years to GLOBE Inc.
under an operating lease. GLOBE gave a rent bonus to ROB in the amount of P40,000.
The lease contract also provides that 5% of the total revenues of GLOBE shall be
remitted to ROB Inc. as contingent rental fee. The lease contract provides for the
following annual rental: P10,000 – 1 st year; P20,000 – 2nd year; P30,000 – 3rd year and
P40,000 – 4th year. During 2014, the total revenues of GLOBE amounted to P1,000,000.
What is the total rent revenue to be recognized by ROB Inc. for the year ended
December 31, 2014?

a. P240,000

b. P390,000

c. P205,000

d. P210,000

92. On April 1, 2014, ALVEO Inc. sold a commercial building to GUESS Inc. for
P10,000,000. The building has a cost of P12,000,000 and accumulated depreciation of
P5,000,000 while it has a fair value of P8,000,000. After the sale, ALVEO rented the
building from SMC Inc. under a finance lease for 4 years for an annual rental of
P2,000,000.

What is the realized gain/(loss) to be recognized by ALVEO Inc. for the year ended
December 31, 2014?

a. P562,500

b. P750,000

c. P1,500,000

d. P1,375,000

93. BPI Inc. provides financing to other companies by purchasing their accounts
receivable on a non-recourse basis. BPI Inc. charges its clients a commission of 15%
on all receivables factored. In addition, BPI withholds 10% of receivables factored as
protection against sales return and other adjustments. BPI Inc. credits the 10% withheld
to Clients Retainer Account and makes payments to clients at the end of each month so
that the balance in the retainer is equal to 10% of unpaid receivables at the end of the
month. Experience has led BPI Inc. to establish an allowance for bad debts accounts of
4% of all unpaid receivables purchased. On December 31, 2014, BPI purchased
receivables from DLSL Inc. totaling 5,000,000. DLSL Inc. had previously established an
allowance for bad debts for these receivables at P200,000. By December 31, BPI Inc.
had collected 4,000,000 on these receivables.

What is the gain/(loss) on factoring to be recognized by DLSL Inc.?

a. (P1,050,000)

b. (P550,000)
 c. (P1,250,000)

d. (P500,000)

94. On October 1, 2014, MAIA Inc. received a 2-year,10%, P3,000,000 note receivable
with semi-annual interest payable every March 31 and September 30. The note was
received in exchange for a building with fair value of P3,500,000 and cost of P4,000,000
and accumulated depreciation of P1,200,000.

What is the interest income and interest payable, respectively to be presented by

MAIA on December 31, 2015?

a. P300,000 and P150,000

b. P150,000 and P150,000

c. P300,000 and P75,000

d. P150,000 and P75,000

95. On November 15,2010, Damascus Company entered into a commitment to

purchase 100,000 barrels of aviation fuel for P55 per barrel on March 31,2011. The
entity entered into this purchase commitment to protect itself against the volatility in the
aviation fuel market. By December 31,2010, the purchase price of aviation fuel had
fallen to P40 per barrel. However, by March 31,2011, when the entity took delivery of
the 100,000 barrels the price of aviation fuel had risen to P60 per barrel.

How much should be recognized as gain on purchase commitment for 2011?

a. 1,500,000

b. 2,000,000

c. 500,000

d. zero

96. On January 1,2013 AIR Inc. acquired 10,000 ordinary shares of WILEY Inc. at
P20/share with the intent of selling them in the near future to generate short-term gains
or profits. AIR also paid transactions costs amounting to P50,000. The fair market
values of Investment in Wiley are provided:

December 31,2013 P300,000

December 31,2014 P250,000

How much is the unrealized holding gain or loss to be presented in profit or loss
by AIR for the year ended December 31,2014?

a. P100,00 gain

b. P50,000 gain

c. P100,000 loss

d. P50,000 loss

97. On January 1, 2014, TEL Inc. issued a 3-year P2,000,000 bonds payable with
annual interest of P10% payable annually every December 31. The principal will be
payable at the end of the term. The bonds payable are issued at 110 and TEL incurred
P96,917 bond issue cost. The effective interest rate of the bonds payable is 8%.

What is the initial measurement of the bonds payable on January 1, 2014?

a. P2,200,000

b. P1,903,083

c. P2,296,917

d. P2,103,083

98. The inventory on hand on December 31,2014 for FIRE company is valued at a cost
of P950,000. The following items were not included in this inventory amount:

Item 1: Purchased goods in transit, shipped FOB destination, invoice price P30,000
which includes freight charge of P1,500.

Item 2: Goods held on consignment by Fair company at a sales price of P28,000,

including sales commission of 20% of the sales price.

Item 3: Goods sold to Grace company, under terms FOB Destination, invoiced for
P18,500 which includes P1,000 freight charge to deliver the goods. Goods are in transit.
The entity’s selling price is 140% of cost.

Item 4: Purchased goods in transit, terms FOB shipping point, invoice price P50,000,
freight cost, P2,500.

Item 5: Goods out on consignment to Manila Company, sales price P35,000 shipping
cost of P2,000. The entity’s selling price is 140% of cost.
What is the adjusted cost of the inventory on December 31,2014?

a. P1,040,000

b. P1,043,000

c. P1,042,000

d. P1,041,000

99. On January 1, 2014, TBR Inc. issued a 5-year, P3,000,000, note payable with 20%
interest payable annually every December 31. TBR was able to pay the interests for two
consecutive years. However, on December 31, 2016, TBR experienced financial
difficulties. TBR Inc. properly accrued the interest for 2016. TBR negotiated a debt
restructuring-equity swap with the lender which granted the swap. TBR will issue
200,000 ordinary shares with par value of P10. The ordinary shares of TBR is quoted at
P20/share. The fair value of the note payable as of December 31, 2016 is P3,900,000.

What is the gain/(loss) on equity swap-debt restructuring to be recognized by

TBR Inc. on December 31, 2016?

a. zero

b. (P300,000)

b. (P100,000)

d. (P400,000)

100. BRS Inc. acquired a delivery truck for P2,100,000 on January 1, 2014. The delivery
truck has useful life of 5 years and residual value of P100,000 and to be depreciated
using SYD method. On January 1, 2016, BRS decided to use straight line method for
depreciating the truck and determined that the remaining useful life of the truck as of
this date should be 4 years. The residual value remains the same. On July 1, 2017, the
delivery truck was sold for P450,000 and BRS Inc. incurred disposal cost of P50,000.

What is the gain/(loss) on disposal to be recognized on July 1, 2017?

a. (P100,000)

b. P50,000

c. (P200,000)

d. P100,000
Answer Key for 22. A 46. B 75. A
Intermediate 76. C
Accounting (1- 23. D 47. D
77. D
100 Items) 78. C
24. B 48. D
79. A
1. C
25. A 49. D 80. B
2. D 81. B
26. A 50. D
82. D
3. C
27. C 51. C 83. B
4. B 84. C
28. B 52. B
85. D
5. D 86. A
29. C 53. B
6. D 87. C
30. D 54. B 88. A
7. A 89. A
31. B 55. B
90. D
8. C
32. A 56. B 91. C
9. C 92. A
33. B 57. B
93. B
10. A
34. B 58. C
94. C
11. C
35. C 59. B
95. A
12. B
36. C 60. B
96. D
13. D
37. A 61. B
97. D
14. A 62. D
38. D
63. B 98. C
15. C 64. A
39. C
99. D
65. C
16. C
40. B 66. C 100.C
17. B 67. C
41. B
68. B
18. C
42. D 69. B
19. C 70. C
43. A
71. B
20. C 72. B
44. B
21. C 73. A
45. B 74. D