General de Jesus College

San Isidro, Nueva Ecija

First Semester, A.Y. 2013-2014

College of Accountancy and Accounting Technology

Special Revenue Recognition: Construction Contracts

I. Introduction

PAS 11: Construction Contracts

Objective: PAS 11 prescribes the accounting for revenue and costs associated with construction contracts.

Construction constructs are generally long-term. The date at which the contract is entered into and the date
the contract is completed normally fall on different financial reporting periods. PAS 11, paragraph 1
therefore, acknowledges that the primary issue in accounting for construction contracts “is the allocation of
contract revenue and contract costs to the accounting periods in which construction work is performed.”

PAS 11 shall be applied by contractors in accounting for construction contracts.

II. Construction Contract

A construction contract is a contract specifically negotiated for the construction of an asset or a

combination of assets that are closely interrelated or interdependent in terms of their design, technology
and function or their ultimate purpose or use.

Two types of construction contract (or contract price):

1. Fixed price contract – the contractor agrees to a fixed contract price, or a fixed rate per unit of
output, which in some cases is subject to cost escalation clauses.
2. Cost plus contract – the contractor is reimbursed for allowable or otherwise define costs, plus a
percentage of these costs or a fixed fee.

III. Contract Revenue

The contract revenue should comprise:

a. The contract price or the initial amount agreed in the contract; and
b. Any subsequent variations in the contract price to the extent that it is probable that they will result
in revenue and they are capable of being measured reliably.

Contract revenue may increase or decrease from one period to the next due to the following:
1. Variations on the contract or change orders
a. Changes in the specifications or design
b. Changes in the scope of the work
c. Changes in the duration of the contract
d. Renegotiations on the originally agreed contract price
2. Cost escalations (cost de-escalation)
3. Incentive payments - Included in contract revenue when:
a. The contract is sufficiently advanced that it is probable that the specified performance
standards will be met or exceeded; and
b. The amount of the incentive payment can be measured reliably.
4. Claims for reimbursements on the contracts – included in the contract revenue when:
a. Negotiations have reached an advanced stage such that it is probable that the customer will
accept the claim; and
b. The amount that is probable will be accepted by the customer & can be measured reliably.

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IV. Contract Costs

Contract costs should comprise:

a. Costs that relate directly to the specific contract;
b. Costs that are attributable to the contract activity in general and can be allocated to the contract
(allocated based on the normal level of construction activity); and
c. Such other costs as are specifically chargeable to the customer under the terms of the contract.

Costs that cannot be attributed to contract activity or cannot be allocated to a contract are excluded from
the costs of a construction contract. Such costs include:
a. General administration costs for which reimbursement is not specified in the contract;
b. Selling costs;
c. Research and development costs for which reimbursement is not specified in the contract; and
d. Depreciation of idle plant and equipment that is not used on a particular contract.

V. Method of construction accounting

A. Percentage of Completion Method

If the outcome of a construction contract can be estimated reliably, construction revenue and related
contract costs shall be recognized by reference to the stage-of-completion of the contract activity at the end
of the reporting period.

Methods of measuring the percentage of completion

a. Input measures – made in relation to the costs of efforts devoted to a contract. They are based on an
established or assumed relationship between a unit of input and productivity.
a. Cost to cost method – The proportion that contract costs incurred for work performed to
date bear to the estimated total contract costs (costs incurred to date divided by the total
contract costs).
b. Efforts-expended method – based on surveys of work performed to date (i.e. direct labor
hours)
b. Output measures – Output measures are made in terms of results achieved. This is based on the
completion of a physical proportion of the contract work. Architects and engineers are sometimes
asked to evaluate jobs and estimate what percentage of a job is complete.

B. Cost recovery method / Hybrid / Zero profit approach

When the outcome of a construction contract cannot be estimated reliably:

a. Revenue should be recognized only to the extent of contract costs incurred that is probable
will be recoverable; and
b. Contract costs should be recognized as an expense in the period in which they are incurred.

VI. Formulas to remember

a. Percentage of completion Method

Contract Price xx Costs Incurred to Date xx

Less: Total Estimated Costs* xx Add: Estimated Costs to complete xx
Estimated Gross Profit xx Total Estimated Costs* xx
Multiplied by: Percentage of Completion** xx
Recognized Gross Profit to Date xx Percentage of Completion*
Less: Recognized Gross Profit in Prior Years xx Costs incurred to date
Recognized Gross Profit in Each Year xx Estimated Costs to Complete

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 Construction in Progress
= Costs incurred to date + Recognized Profit to Date
or = Contract Price x Percentage of Completion to date

Contract Revenue
= Costs incurred for the period + Recognized Gross Profit in each year
= Contract Price x Percentage of work completed during the period

b. Zero profit method

Construction in Progress = Costs incurred to date only

Construction Revenue = Cost incurred for the period only
*Note: Recognized revenue is equal to costs incurred for the period hence, recognized profit in each
year is equal to zero.

VII. Recognition of Expected or Anticipated Losses

When it is probable that total contract costs will exceed total contract revenue, the expected loss should be
recognized as an expense immediately in both percentage of completion and zero profit method.

VIII. Changes in Estimates

The percentage of completion method is applied on a cumulative basis in each accounting period to the
current estimates of contract revenue and contract costs. Therefore, the effect of a change in the estimate of
contract revenue or contract costs, or the effect of a change in estimate of the outcome of a contract, is
accounted for as a change in accounting estimate (PAS 8, Accounting Changes). The changed estimates are
used in the determination of the amount of revenue and expenses recognized in the income statement in
the period in which the change is made and in subsequent periods (prospective application).

IX. Contract Retentions

Retentions are amounts of progress billings which are not paid until the satisfaction of conditions specified
in the contract for the payment of such amounts or until defects have been rectified. Progress billings are
amounts billed for work performed on a contract whether or not they have been paid by the customer.
Advances are amounts received by the contractor before the related work is performed.

X. Financial Statements Presentation

a. The gross amounts due from customers for contract work as an asset; and
b. The gross amounts due to customers for contract work as a liability.

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

____ 1. In 2011, Cruel Construction Co. (CCC) began work on a two-year fixed price contract project. CCC uses the
percentage-of-completion method to account for such projects and provides you with the following
information (pesos in millions):

Accounts receivable(from construction progress billings) P37.5

Actual construction costs incurred in 2011 P135.0
Cash collected on project during 2011 P105.0
Construction in Progress P207.0
Estimated percentage of completion during 2011 60%

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 What is the amount of gross profit on the project recognized by CCC during 2011 in millions?
a. P160 M b. P72 M c. P48 M d. Incomplete data

____ 2. What are CCC’s estimated remaining construction costs on the project at the end of 2011 in millions?
a. P90 M b. P135 M c. P225 M` d. 0

____ 3. What is the fixed contract bid price for CCC’s project in millions?
a. P25 M b. P 120 M c. P345 M d. 0

____ 4. What were the construction billings by CCC during 2011 in millions?
a. P142.5 b. P67.5 c. P37.5 d. 0

____ 5. How much cash remains to be collected by CCC on the project in million?
a. P70 b. P202.5 c. P240 d. Incomplete data

____ 6. 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. P1,800,000 b. P2,400,000 c. P3,960,000 d. P5,760,000

____ 7. What is the amount of contract costs incurred during the year ended December 31, 2013?
a. P2,400,000 b. P3,840,000 c. P3,960,000 d. P5,760,000

____ 8. Martin Bill Construction Company’s construction jobs, which commenced during 2012:

PROJECT X PROJECT Y
Contract Price P420,000 P300,000
Costs incurred during 2012 240,000 280,000
Estimated costs to complete 120,000 70,000
Billed to customers during 2012 250,000 290,000
Received from customers during 2012 240,000 280,000
General and administrative expenses 20,000 10,000

It is therefore agreed between the contractor and the client that any costs incurred are expected to be
recoverable.

What amount of net income (loss) would VDC Construction Company report in its 2012 income statement
under Cost Recovery Method of Construction Accounting?
a. P(30,000) b. P(50,000) c. P(70,000) d. P(80,000)

____ 9. What amount of net income (loss) would VDC Construction Company report in its 2012 income statement
under Percentage of Completion Method?
a. P(80,000) b. P(40,000) c. P(30,000) d. P(10,000)

____ 10. 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 te 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.

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 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

____ 11. 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. P490,000 due to
b. P290,000 due to d. P490,000 due from

____ 12. 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.

____ 13. 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.

____ 14. 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

____ 15. In its December 31, 2012 income statement, the recognize revenue would be:
a. 0 b. P160,000 c. P560,000 d. P640,000

____ 16. In its December 31, 2013 income statement, the recognize revenue would be:
a. 0 b. P160,000 c. P640,000 d. P1,200,000

____ 17. In its December 31, 2014 income statement, the recognize revenue would be:
a. P640,000 b. P800,000 c. P1,200,000 d. P2,000,000

____ 18. In its December 31, 2013 income statement, the Construction Costs incurred:
a. P560,000 b. P640,000 c. P1,200,000 d. P1,570,000

____ 19. In its December 31, 2014 income statement, the Construction Costs incurred:
a. P370,000 b. P560,000 c. P640,000 d. P1,570,000

____ 20. In its December 31, 2012 income statement, the gross profit would be:

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 a. 0 b. P140,000 c. P160,000 d. P300,000

____ 21. In its December 31, 2014 income statement, the gross profit would be:
a. P130,000 b. P160,000 c. P300,000 d. P430,000

____ 22. 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.
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. P4,800,000 b. P23,760,000 c. 48,000,000 d. 52,800,000

____ 23. If the construction in progress account has a balance of P2,000,000 while the Progress Billings on
Contracts account’s balance is P1,600,000, how should these accounts be reflected on the balance sheet?
a. Construction in Progress will be shown as a current asset.
b. Progress billings on contracts will be shown as a current liability.
c. The difference between the two accounts will be reflected as a current asset.
d. The difference between the two accounts will be reflected as a current liability.

____ 24. Jersey Inc. has entered into a very profitable fixed price contract for constructing a high-rise building over a
period of three years. It incurs the following costs relating to the contract during the first year:

Cost of material P2.5 million

Site labor cost P 2.0 million
Agreed administrative costs as per contract to be reimbursed by the P1 million
customer
Depreciation of plant used for the construction P0.5 million
Marketing costs for selling apartments, when they are ready P1 million
Total estimated cost of the project P18 million

The percentage of completion of this contract at the year-end is:

a. 33 1/3 % b. 27% c. 25% d. 39%

____ 25. Which of the following would be used in the calculation of the income recognized in the fourth and final
year of a contract accounted for by the percentage of completion method?
Actual Total costs Income previously recognized
a. YES YES
b. YES NO
c. NO YES
d. NO NO

____ 26. The primary issue in accounting for construction contracts is

a. The allocation of contract revenue to the accounting periods in which construction work is
performed.
b. The allocation of contract costs to the accounting periods in which construction work is
performed.
c. The determination of the percentage of completion.
d. a and b
e. all of these

____ 27. PAS 11 Construction Contracts is applied separately to each construction contract. However, a group of contracts
is treated as a single contract when
a. The group of contracts is negotiated as a single package
b. The contracts are so closely interrelated

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 c. The contracts are performed concurrently or in a continuous sequence
d. all of these

____ 28. 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

____ 29. Under the zero profit method, contract revenue for the period is
a. equal to zero
b. equal to the costs of construction recognized during the period
c. equal to the contract price divided by the estimated construction period
d. equal to the costs of construction recognized during the period that are probable of
recovery

____ 30. Any expected loss on the construction contract is

a. recognized as an expense immediately as an adjustment to the revenue already recognized
b. deferred and amortized over the remaining construction period
c. recognized as an expense immediately
d. Ignored

____ 31. Amella Co. entered into a fixed price contract for the construction of a private road. Amella Co. determines the
stage of completion of construction contracts using the cost-to-cost method. The estimated total contract costs is
P143M. The following were the actual costs incurred by Amella Co. during the first year of the construction:

Costs of negotiating the contract (charged as expense immediately) 400,000

Costs of materials used in construction 12,000,000
Costs of materials purchased but not yet used in construction 2,000,000
Site labor costs 4,000,000
Site supervision costs 800,000
Depreciation of equipment used in construction 480,000
Depreciation of idle construction equipment 240,000
Costs of moving plant, equipment and materials to and from
the contract site 160,000
Costs of hiring plant and equipment 560,000
Advance payments to subcontractors (subcontracted work
is not yet started) 80,000

What is the percentage of completion of the contract as of the end of the first year?
a. 12.59% c. 45%
b. 17% d. 10%

____ 32. 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.

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 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

____ 33. How much is the recognized revenue in 20x2

a. 32,400,000 c. 22,160,000
b. 18,000,000 d. 25,000,000

____ 34. How much is the recognized revenue in 20x1

a. 14,400,000 c. 7,200,000
b. 19,440,000 d. incomplete data

____ 35. How much is the gross profit recognized in 20x3?

a. 800,000 c. 8,800,000
b. 1,600,000 d. 4,960,000

____ 36. 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

____ 37. How much is the balance of “gross amount due from (due to) customers for contract work” as of December 31,
20x2?
a. (3,600,000) c. 3,360,000
b. 3,600,000 d. 0

____ 38. 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

____ 39. How much is the contract revenue for 20x3?

a. 10,800,000 c. 27,200,000
b. 2,000,000 d. 1,600,000

____ 40. Lazy Builders has entered into a very profitable fixed price contract for constructing a high-rise building over a
period of three years. It incurs the following costs relating to the contract during the first year.

Cost of material P25 Million

Site labor cost P20 Million
Agreed administrative costs per contract to be reimbursed by the customer P10 Million
Depreciation of the plant used for the construction P5 Million
Marketing costs for selling apartments when they are ready P10 Million

Total estimated cost of the project - P180 Million

The percentage of completion of this contract at year-end is:

a. 33% b. 28% c. 25% d. 39%

____ 41. RALPHALY Corp. was contracted by Ms. M. A. Bilbao to construct a warehouse for her business. The estimated
total cost was P29 Million. RALPHALY Corp. bills its clients at 125% of total costs estimated to complete a
project. Details regarding the contract are given below:
Costs incurred Est. costs to complete

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 2010 8,637,500 25,912,500
2011 15,770,000 13,142,500
2012 10,842,500 -

Billings, based on the contract price, were made as follows: 25% in 2010, 35% in 2011, 40% in 2012. Using zero
profit method, what is the balance of the construction in progress account, net of progress billings, on December
31, 2011?
a. 5,707,500 c. 2,657,500
b. 1,042,000 d. 1,357,500

____ 42. Dante Construction Company uses the percentage-of-completion method of accounting. During 2011, Dante
contracted to build an apartment house for Rizza for P10,000,000. Dante estimated that total costs would amount
to P8,000,000 over the period of construction. In connection with this contract, Dante incurred P1,000,000 of
construction costs during 2011. Dante billed and collected P1,500,000 from Rizza in 2011. How much gross profit
should Dante recognize in 2011?
a. 300,000 c. 187,500
b. 250,000 d. 125,000

____ 43. 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

The amount of revenue recognized in the statement of comprehensive income in year 2 is:
a. 740 c. 4,468
b. 2,093 d. 6,768

____ 44. The amount of expenses recognized in the statement of comprehensive income in year 2 is:
a. 740 c. 3,975
b. 247 d. 4.468

____ 45. The amount profit recognized in the statement of comprehensive income in year 2 is:
a. 6,808 c. 493
b. 2,340 d. 6,768

____ 46. The Tigridia Company has entered into a 5 year fixed price construction contract to build a factory. The contract
value is P20 Million and the estimated costs are P16 Million. At the end of the first year, Tigridia can estimate the
outcome of the contract reliably. It has received cash payments to the value of P8.6 Million and incurred costs of
P6 Million.

At the end of the first year, what amount should be recognized as revenue in the financial statements?
a. P3.2 Million c. P6 Million
b. P7.5 Million d. P8.6 Million

____ 47. EXECRATION Co. is contracted to construct an amusement park for CURSE, Inc. EXECRATION subcontracted
a large portion of the contract. EXECRATION uses the efforts-expended method in determining the stage of
completion of the contract. Information on efforts expended is shown below:
20X1 20X2
Total direct labor hours to date 1,600 6,000

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 Estimated direct labor hours to complete 6,400 1,500

What is the percentage of completion of the contract as of December 31, 20X1?

a. 20% b. 25% c. 30% d. 42%

____ 48. What is the percentage of work completed in 20X2?

a. 80% c. 75%
b. 58.67% d. 70%

____ 49. Which of the following is included in the cost of a construction contract?
a. Cost of equipment used in the construction.
b. Advertising costs of the asset.
c. Depreciation of the idle plant and equipment that is not used on a particular contract.
d. General administration costs for which reimbursement is not specified in the contract.

____ 50. In 20X1, Bagito Co. started work on a P4 Million fixed price contract. All costs incurred are recoverable. The
contract was completed in 20X3. Information on the construction is shown below:

20X1 20X2 20X3

Costs incurred to date 800,000 3,300,000 3,800,000
Est. Costs to complete 2,400,000 1,100,000 -
Estimated Total Cont. Costs 3,200,000 4,400,000 3,800,000

Progress Billings to Date 1,400,000 2,800,000 4,000,000

How much is the profit (loss) recognized in 20X2?

a. 200,000 b. (600,000) c. (400,000) d. 0

____ 51. Which of the following may be used to compute for the contract revenue in a construction contract?
a. Contract price c. Escalation clauses
b. Change orders d. All of these

____ 52. If the outcome of a construction contract cannot be estimated reliably, which method is used to account for the
construction contract?
a. Percentage of completion method c. Sales type method
b. Zero profit method d. a or b as an accounting policy choice

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REVIEW MATERIAL FOR CONSTRUCTION CONTRACTS
Answer Section

MULTIPLE CHOICE

1. ANS: B PTS: 1
2. ANS: A PTS: 1
3. ANS: C PTS: 1
4. ANS: A PTS: 1
5. ANS: C PTS: 1
6. ANS: A PTS: 1
7. ANS: C PTS: 1
8. ANS: D PTS: 1
9. ANS: B PTS: 1
10. ANS: B PTS: 1
11. ANS: C PTS: 1
12. ANS: B PTS: 1
13. ANS: B PTS: 1
14. ANS: D PTS: 1
15. ANS: C PTS: 1
16. ANS: C PTS: 1
17. ANS: B PTS: 1
18. ANS: B PTS: 1
19. ANS: A PTS: 1
20. ANS: A PTS: 1
21. ANS: D PTS: 1
22. ANS: C PTS: 1
23. ANS: C PTS: 1
24. ANS: A PTS: 1
25. ANS: A PTS: 1
26. ANS: D PTS: 1
27. ANS: D PTS: 1
28. ANS: C PTS: 1
29. ANS: D PTS: 1
30. ANS: C PTS: 1
31. ANS: A PTS: 1
32. ANS: A PTS: 1
33. ANS: B PTS: 1
34. ANS: A PTS: 1
35. ANS: B PTS: 1
36. ANS: D PTS: 1
37. ANS: B PTS: 1
38. ANS: C PTS: 1
39. ANS: A PTS: 1
40. ANS: A PTS: 1
41. ANS: D PTS: 1
42. ANS: B PTS: 1
43. ANS: C PTS: 1
44. ANS: C PTS: 1
45. ANS: C PTS: 1

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46. ANS: B PTS: 1
47. ANS: A PTS: 1
48. ANS: B PTS: 1
49. ANS: A PTS: 1
50. ANS: B PTS: 1
51. ANS: D PTS: 1
52. ANS: B PTS: 1

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