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AMV College of Accountancy

The LEARNERS of today are the LEADERS of tomorrow.



Name: __________________________________________________ Section: ______________

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

____ 1. Which of the following is characteristic of a general partnership?

a. The partners have limited liability.
b. The partnership is subject to income tax.
c. The partners have co-ownership of partnership property.
d. The partnership has an unlimited life.

____ 2. Which of the following is a disadvantage of a partnership when compared to a

a. The partnership is less expensive to organize.
b. The partnership has limited life.
c. The partnership is easier to organize.
d. The partnership is more likely to have a net loss.

____ 3. The characteristic of a partnership that gives the authority to any partner to legally
bind the partnership and all other partners to business contracts is called
a. dissolution c. ease of formation
b. mutual agency d. unlimited liability

____ 4. When a limited partnership is formed

a. none of the partners have limited liability
b. the partnership activities are limited
c. some of the partners have limited liability
d. all partners have limited liability

____ 5. Statement 1- A new partner contributes accounts receivable to a partnership which

appear in the ledger of his sole proprietorship at PHP20,500 and there was an
allowance for doubtful accounts of PHP750. If PHP600 of the accounts receivables are
completely worthless, the partnership accounts receivable should be debited for

Statement 2- When compared to a corporation, one of the major advantages of a

partnerships is its relative ease of formation.

Statement 3- Each partner has a separate capital and withdrawal account.

a. Only one statement is false c. Only one statement is true
b. All statements are true d. All statements are false

____ 6. When a partnership is formed, assets contributed by the partners should be recorded
on the partnership books at their
a. original costs to the partner contributing them
b. fair market value at the time of the contribution
c. assessed values for property purposes
d. book values on the partners' books prior to their being contributed to
the partnership

____ 7. A partners drawing account is:

a. an expense account c. a contra-capital account
b. a capital account d. a liability account

____ 8. The Articles of Co-partnership should contain clear provisions on all of the following
a. withdrawals allowed to partners c. profit-sharing ratio
b. taxes paid by the partnership d. causes of partnership dissolution

____ 9. A partner who takes active part in the business but whose connection with the
partnership is concealed to the public is known as a(an)
a. nominal partner c. silent partner
b. secret partner d. ostensible partner

____ 10. A partnership which has failed to comply with one or more of the legal requirements for
its establishment is classified as a (an)
a. secret partnership c. de facto partnership
b. open partnership d. de jure partnership

____ 11. A partnership is formed by two individuals who were previously sole proprietors. Non-
cash assets invested would be recorded into the partnership at the proprietors:
a. carrying amount or the fair value of the property at the date of the
investment, whichever is higher
b. fair value of the property at the date of the investment
c. carrying amount or the fair value of the property at the date of the
investment, whichever is lower
d. carrying amount of the property at the date of investment

____ 12. Statement 1- In a general partnership, each partner is individually liable to creditors for
debts incurred by the partnership, to the extent of the partner's capital balance.

Statement 2- A partnership is a legal entity separate from its owners.

Statement 3- A partnership requires only an agreement between two or more persons

to organize.
a. Only one statement is false c. Only one statement is true
b. All statements are false d. All statements are true

____ 13. Statement 1- The chart of accounts for a partnership, with the exception of drawing
and capital accounts, does not differ from the chart of accounts for a sole

Statement 2- When a partner invests noncash assets in a partnership, the assets are
recorded at the partner's book value.

Statement 3- Allowance for doubtful accounts just like accumulated depreciation is not
recorded in the new partnership books.
a. All statements are false c. Only one statement is true
b. All statements are true d. Only one statement is false

____ 14. As part of the initial investment, a partner contributes equipment that had originally
cost PHP110,000 and on which accumulated depreciation of PHP85,000 has been
recorded. If similar equipment would cost PHP140,000 to replace and the partners
agree on a valuation of PHP45,000 for the contributed equipment, what amount should
be debited to the equipment account?
a. PHP45,000 c. PHP140,000
b. PHP85,000 d. PHP110,000

____ 15. As part of the initial investment, Omar contributes accounts receivable that had a
balance of PHP25,000 in the accounts of a sole proprietorship. Of this amount,
PHP1,150 is completely worthless. For the remaining accounts, the partnership will
establish a provision for possible future uncollectible accounts of PHP750. The amount
debited to Accounts Receivable for the new partnership is
a. PHP23,850 c. PHP25,000
b. PHP24,250 d. PHP23,100

____ 16. On July 1, 2016, Par and Ner form a partnership, agreeing to share profits and losses in
the ratio of 4:6, respectively. Par contributed a parcel of land that cost him PHP25,000.
Par contributed PHP50,000 cash. The land was sold for PHP50,000 on July 1, 2016 four
hours after formation of the partnership. How much should be recorded in Par capital
account on formation of the partnership?
a. PHP20,000 c. PHP10,000
b. PHP25,000 d. PHP50,000

____ 17. AAA, BBB, and CCC form a partnership on May 1, 2016. They agree that AAA will
contribute office equipment with a total fair value of PHP40,000; BBB will contribute
delivery equipment with a fair value of PHP80,000; and CCC will contribute cash. If
CCC wants a one third interest in the capital and profits, he should contribute cash of:
a. PHP40,000 c. PHP180,000
b. PHP120,000 d. PHP60,000

____ 18. Jor and Das have just formed a partnership. Jor contributed cash of PHP126,000 and
computer equipment that cost PHP54,000. The computer had been used in his sole
proprietorship business and has been depreciated to PHP24,000. The fair value of the
equipment is PHP36,000. Jor also contributed a note payable of PHP12,000 to be
assumed by the partnership. Jor is to have 60% interest in the partnership. Das
contributed only PHP90,000 cash. Jor should make an additional investment
(withdrawal) of:
a. PHP(15,000) c. PHP84,000
b. PHP96,000 d. PHP(76,800)

On March 1, 2016, RC and BC decides to combine their businesses to form a

partnership. Statement of financial position on March 1 before the formation showed
the following:

Cash PHP 9,000 PHP 3,750
Accounts receivable PHP18,500 PHP13,500
Inventories PHP30,000 PHP19,500
Furniture and fixtures (net) PHP30,000 PHP 9,000
Office equipment (net) PHP11,500 PHP 2,750
Prepaid expenses PHP 6,375 PHP 3,000
Accounts payable PHP45,750 PHP18,000

They agreed to the following adjustments before the formation:

a. Provide 2% allowance for doubtful accounts.

b. RCs furniture should be valued at PHP31,000, while BCs office equipment is
underdepreciated by PHP250.
c. Rent expense incurred previously by RC was not yet recorded amounting to
PHP1,000, while salary expense incurred by BC was not also recorded amounting to
d. The fair value of inventories amounted to PHP29,500 for RC and PHP21,000 for BC.

____ 19. The net (debit) credit adjustment to RC capital accounts is:
a. PHP1,870 c. PHP(870)
b. PHP(2,870) d. PHP870

____ 20. The adjusted capital account of BC is:

a. PHP58,755 c. PHP33,680
b. PHP33,500 d. PHP33,320

____ 21. Rad and Smith share income and losses in a 2:1 ratio after allowing for salaries to Rad
of PHP24,000 and PHP30,000 to Smith. Net income for the partnership is PHP48,000.
Income should be divided as follows:
a. Rad, PHP20,000; Smith, c. Rad, PHP24,000; Smith,
PHP28,000 PHP24,000
b. Rad, PHP21,000; Smith, d. Rad, PHP32,000; Smith,

PHP27,000 PHP16,000

____ 22. Franco and Elisa share income equally. During the current year the partnership net
income was PHP40,000. Franco made withdrawals of PHP12,000 and Elisa made
withdrawals of PHP17,000. At the beginning of the year, the capital account balances
were: Franco capital, PHP40,000; Elisa capital, PHP58,000. Francos capital account
balance at the end of the year is
a. PHP48,000 c. PHP74,500
b. PHP60,000 d. PHP62,500

____ 23. A ratio of 2:2:1 is the same as

a. 20%:20%:10% c. both (a) and (c)
b. 2/10:2/10:1/20 d. 2/5:2/5:1/5

____ 24. Mr. Fox and his very close friend Mr. Bear formed a partnership on January 1, 2016 with
Mr. Fox contributing PHP16,000 cash and Mr. Bear contributing equipment with a book
value of PHP6,400 and a fair value of PHP8,000. During 2016, Mr. Bear made additional
investments of PHP1,600 on April 1 and PHP1,600 on June 1, and on September 1, he
withdrew PHP4,000. Mr. Fox had no additional investments nor withdrawals during the
year. The average capital balance at the end of 2016 for Mr. Bear is:
a. PHP9,600 c. PHP7,200
b. PHP8,000 d. PHP8,800

____ 25. In its first year of operations, Al and Company, a partnership, made a net income of
PHP20,000 before providing for salaries of PHP5,000 and PHP3,000 per annum for A
and L, respectively, as stipulated in the partnership agreement. Capital contributions
are PHP30,000 from A; PHP20,000 from L; and PHP10,000 from C.

Assuming that no profit and loss ratios are provided in the partnership agreement and
that there has been no change in the capital contributions during the year, how much
profit share would A be entitled to received?
a. PHP5,000 c. PHP11,000
b. PHP15,000 d. PHP10,000

____ 26. A, B, and C are partners in the accounting firm. Their capital balances at year-end
were: A, PHP90,000; B, PHP110,000; C, PHP50,000. They share profit and losses in a
4:4:2 ratio, after the following terms:
a. Partner C is to received a bonus of 10% of the net income after bonus.
b. Interest of 10% shall be paid on that portion of a partners capital in excess of
c. Salaries of PHP10,000 and PHP12,000 shall be paid to partners A and C, respectively.

Assuming a net income of PHP44,000 for the year, the total profit share of partner C
would be:
a. PHP7,800 c. PHP19,800
b. PHP16,800 d. PHP19,400

____ 27. EG, an active partner in EGRGD partnership receive an annual bonus of 25% of the
partnership income after deducting the bonus. For the year ended, December 31,
2016, partnership income before the bonus amounted to PHP240,00. The bonus of EG
for the year is:
a. PHP80,000 c. PHP45,000
b. PHP48,000 d. PHP60,000

____ 28. Tim, a partner in BT Partnership, has a 30% participation in partnership profits and
losses. Tims capital account has a net decrease of PHP60,000 during the calendar
year 2016. During 2016, Tim withdrew PHP130,000 (charged against his capital
account) and contributed property valued at PHP25,000 to the partnership. What was
the net income of the BT Partnership for 2016?
a. PHP550,000 c. PHP350,000
b. PHP150,000 d. PHP233,333

____ 29. MM is trying to decide whether to accept a salary of PHP40,000 or a salary of
PHP25,000 plus a bonus of 10% of net income after salaries and bonus as a means of
allocating profit among the partners. Salaries traceable to the other partners are
estimated to be PHP100,000. What amount of income would be necessary so that MM
would consider the choices to be equal?
a. PHP305,000 c. PHP165,000
b. PHP265,000 d. PHP290,000

____ 30. Teri, Doug, and Brian are partners with capital balances of PHP20,000, PHP30,000, and
PHP50,000 respectively. They share income in the ratio of 3:2:1. Income Summary
with a debit balance of PHP30,000 is closed to the capital accounts. Doug withdraws
from the partnership. How much cash does he get upon withdrawal?
a. PHP30,000 c. PHP20,000
b. PHP24,000 d. PHP40,000

____ 31. Alpha and Beta are partners who share income in the ratio of 1:2 and have capital
balances of PHP40,000 and PHP70,000 at the time they decide to terminate the
partnership. After all noncash assets are sold and all liabilities are paid, there is a cash
balance of PHP50,000. What amount of loss on realization should be allocated to
a. PHP20,000 c. PHP50,000
b. PHP60,000 d. PHP30,000

____ 32. A partnership liquidation occurs when

a. the assets are sold, liabilities paid, and business operations terminated
b. a new partner is admitted
c. the ownership interest of one partner is sold to a new partner
d. a partner dies

____ 33. The balance sheet of Morgan and Rockwell was as follows immediately prior to the
partnership's being liquidated: cash, PHP20,000; other assets, PHP160,000; liabilities,
PHP40,000; Morgan capital, PHP60,000; Rockwell capital, PHP80,000. The other assets
were sold for PHP139,000. Morgan and Rockwell share profits and losses in a 2:1 ratio.
As a final cash distribution from the liquidation, Morgan will receive cash totaling
a. PHP51,000 c. PHP46,000
b. PHP49,500 d. PHP60,000

____ 34. Harriet, Mickey, and Zack decide to liquidate their partnership. All assets are sold and
the liabilities are paid. Following these transactions, the capital balances and profit and
loss percentages are as follows: Harriet, PHP27,000 and 30%; Mickey, PHP(12,000) and
40%; Zack, PHP43,000 and 30%. Mickey is unable to contribute any assets to reduce
the deficit. How much cash will Harriet receive as a results of the partnership
a. PHP21,000 c. PHP23,400
b. PHP27,000 d. PHP15,000

____ 35. A gain or loss on realization is divided among partners according to their
a. capital balances c. drawing balances
b. income sharing ratio d. contribution of assets

____ 36. Everett, Miguel, and Ramona are partners, sharing income 1:2:3. After selling all of the
assets for cash, dividing losses on realization, and paying liabilities, the balances in the
capital accounts are as follows: Everett, PHP50,000 Cr.; Miguel, PHP40,000 Dr.; and
Ramona, PHP30,000 Cr. How much cash is available for distribution to the partners?
a. PHP90,000 c. PHP120,000
b. PHP30,000 d. PHP40,000

____ 37. Partners A, B, C are partners of ABC Partnership and decided to liquidate the business.
Below is their condense statement of financial position dated December 31, 2016:

Assets Liabilities and Equity

Cash PHP15,000 Liabilities PHP75,000
Non-cash PHP110,000 A, capital (35%) 5,000

B, capital (45%) 15,000
C, capital (20%) 30,000
Total assets PHP125,000 Total liabilities and PHP125,000

The personal assets and liabilities of the partners on this date apart from their equities
in the partnership are as follows:

Partners Personal Assets Personal Liabilities

A PHP100,000 PHP25,000
B PHP50,000 PHP50,000
C PHP5,000 PHP60,000

Assume that the non-cash assets are sold for PHP40,000 and liquidation expenses of
PHP13,500 are incurred and paid.

How much is the total cash paid to partners?

a. PHP14,366 c. PHP22,575
b. PHP5,091 d. PHP8,209

(FOR THE NEXT 2 QUESTIONS) Due to financial difficulty partners A, B, and C decided to
liquidate. The following balances of A, B and C, capital before liquidation are:
PHP10,000; PHP25,000; and PHP20,000 respectively. Loan from A is PHP25,000; Cash
PHP25,000; and profit and loss ratio is 30:35:35, respectively.

Partner B received PHP10,650 upon liquidation and the share of the liquidation
expenses of partner A is PHP1,800. Meanwhile the cash available after realizing the
non-cash asset and paying the liquidation expenses is PHP69,000.

____ 38. How much is the book value of the non-cash asset sold?
a. PHP85,000 c. PHP85,500
b. PHP80,000 d. PHP86,000

____ 39. How much cash is paid to outside creditors?

a. PHP30,000 c. PHP45,000
b. PHP35,000 d. PHP40,000

____ 40. Partners Ken and Macki each have a PHP40,000 capital balance and share income and
losses in a 3:2. Cash equals PHP20,000, noncash assets equal PHP120,000, and
liabilities equal PHP60,000. If the noncash assets are sold for PHP60,000, and both
partners agree to make up an capital deficits with personal cash contributions, Partner
Macki will eventually receive cash of
a. PHP24,000. c. PHP4,000.
b. PHP16,000. d. PHP0.


41. (PARTNERSHIP FORMATION) On January 1, 2017, PAR and COR formed a partnership
with each contributing the following assets:

Cash PHP30,000 PHP 70,000
Machinery and equipment PHP25,000 PHP 75,000
Building - PHP225,000
Furniture and fixtures PHP10,000 -

The building is subject to a mortgage loan of PHP80,000. The partnership agreement

provides that PAR and COR share profits and losses 30% and 70%, respectively.


a. Journal entries assuming the mortgage loan is to be assumed by the partnership
and will be credited for their full amount of their investments.

b. Journal entries assuming the mortgage loan will not assumed by the partnership and
will be credited for their full amount of their investments.

c. Journal entries assuming each partner capital will be credited based on profit and
loss ratio.

d. Journal entries assuming each partner will have equal share in the partnership.

42. (PARTNERSHIP FORMATION) AKO at IKAW have decided to form a partnership. The
following are the net assets invested by AKO in the partnership:

Ledger Balances Agreed Valuation

Cash PHP450,000 PHP450,000
Accounts receivable PHP180,000 PHP180,000
Allowance for uncollectible accounts PHP15,000 PHP10,000
Merchandise Inventory PHP300,000 PHP270,000
Equipment PHP180,000 PHP125,000
Accumulated depreciation PHP30,000 PHP-
Accounts payable PHP105,000 PHP105,000
Notes payable PHP90,000 PHP90,000

IKAW agrees to invest for 20% interest in the partnership.


a. How much is the total partnership assets?

b. How much is the total net assets of the partnership?

c. How much is the adjusted capital of IKAW?

d. How much should IKAW capital account be credited for her investment?

e. Journal entry to record the investment of the partners, using:

i. IKAWs book

ii. New partnership book

43. (PARTNERSHIP OPERATION) The condensed Statement of Profit and Loss of Be and Ba
as of December 31, 2016 follows:

Sales PHP4,800,000
Less: Cost of sales PHP2,100,000
Gross profit PHP2,700,000
Less Operating expenses PHP1,000,000
Profit before tax PHP1,700,000
Income tax (30%) PHP510,000
Net profit PHP1,190,000

The profit and loss agreement specifies that:

a. Interest of 5% is allowed on capital balances. Capital balances are PHP500,000 and

PHP300,000, respectively, while withdrawals debited to drawing accounts during the
year are PHP60,000 ad PHP100,000, respectively.

b. Salary allowances to Be and Ba are PHP120,000 and PHP80,000, respectively.

c. A bonus is given to Ba equal to 20% of profit.

d. Remaining profits and losses are to be divided in the ratio of capital balances.


a. Prepare a schedule showing the distribution of profit to the partners.

b. Prepare journal entries required to distribute profit and to close the books of the

44. (PARTNERSHIP OPERATION) Jhe and Jan decided to form a partnership on February 1,
2016 by investing assets amounting to PHP300,000 and PHP400,000, respectively.

Jhe invested additional PHP100,000 on April 2, 2016 and permanently withdrew

PHP40,000 cash on September 1, 2016.

On the other hand, Jan permanently withdrew PHP20,000 on July 1, 2016 and invested
additional cash worth PHP500,000 on December 1, 2016.

In dividing the partnership profits, the partners agreed that Jhe will receive monthly
salaries amounting to PHP5,000 while Jan to receive quarterly salaries amounting to
PHP10,000. Both partners withdrew their salaries as they fall due.

The partners agree that both will receive a 5% interest on average capital. Jan is
entitled to receive a bonus of PHP20,000.


a. If remaining profits is to be divided between Jhe and Jan in the ratio of 6:4,
respectively, prepare profit distribution schedule assuming total profit for the year is
equal to PHP800,000.

b. Assuming there is no stipulation as to how to divided the partnership profits,

prepare profit distribution schedule assuming total profit for the year is equal to

45. (PARTNERSHIP DISSOLUTION) Edcel and Hann, partners in the E and H partnership have
capital balances of PHP100,000 and PHP40,000 and share income in the ratio of 4:1,
respectively. Tabs is to be admitted into the partnership with a 20% interest in the

Required: Record the admission of Tabs for each of the following independent

a. Tabs invests PHP60,000 and asset revaluation is to be recorded.

b. Tabs invests PHP60,000. Total capital is to be PHP200,000.

c. Tabs purchases 20% interest by paying PHP33,000 to Edcel and Hann.

d. Tabs invests PHP32,000. Total agreed capital is to be PHP172,000.

e. Tabs invests PHP32,000, and asset revaluation is to be recorded.

46. (PARTNERSHIP DISSOLUTION) Mariel, Helene, and Rosalina are partners sharing profits
in the ratio of 3:3:2. On July 31, their capital balances are as follows:

Mariel PHP700,000
Helene PHP500,000

Rosalina PHP400,000

The partners agree to admit Angeli on the following agreement:

1. Angeli is to pay Mariel PHP500,000 for 1/2 interest of Mariels interest.

2. Angeli is also to invest PHP400,000 in the partnership.

3. The total capital of the partnership is to be PHP2,400,000, of which Angelis interest

is to be 25%.

Required: What are the capital balance of the partners after the admission of Angeli?

47. (PARTNERSHIP DISSOLUATION) In the ABC partnership, AAAs capital is PHP50,000;

BBBs capital is PHP30,000 and CCCs capital is PHP40,000. They share income in a
3:1:1 ratio. CCC is retiring from the partnership.

Required: Prepared journal entries to record CCCs withdrawal according to each of the
following independent assumptions:

a. CCC is paid PHP48,000 and no asset revaluation is recorded.

b. CCC is paid PHP50,000 and bonus is to be recorded.

c. CCC is paid PHP30,000 and bonus is to be recorded.

d. CCC is paid PHP45,000 and asset revaluation is recorded.

48. (PARTNERSHIP LIQUIDATION- LUMP-SUM) Ray and Ron decided to liquidate their
partnership business on April 1, 2017. The partners had been sharing profits and
losses on a 60:40 ratio. The statement of financial position prepared on the day of
liquidation began was as follows:

Ray and Ron

Statement of Financial Position
April 1, 2017
(in PHP)


Cash 18,000 Accounts payable 42,000
Receivables 75,000 Ray, loan 24,000
Inventory 90,000 Ray, capital 102,000
Other assets (net) 84,000 Ron, capital 90,000
Ron, drawing 9,000
Total assets 267,000 Total liabilities and 267,000

During April, one-half of the receivables was collected; Inventory was sold at 75% of
book value; other assets were sold for PHP40,000.

Required: Prepare a partnership liquidation statement.

(FOR THE NEXT 2 QUESTIONS) Due to financial difficulty partners A, B, and C decided to
liquidate. The following balances of A, B and C, capital before liquidation are:
PHP10,000; PHP25,000; and PHP20,000 respectively. Loan from A is PHP25,000; Cash
PHP25,000; and profit and loss ratio is 30:35:35, respectively.

Partner B received PHP10,650 upon liquidation and the share of the liquidation
expenses of partner A is PHP1,800. Meanwhile the cash available after realizing the
non-cash asset and paying the liquidation expenses is PHP69,000.

49. (PARTNERSHIP LIQUIDATION- INSTALLMENT) Emy, Mila, and Marci are partners sharing
profits in the ratio of 40:35:25. On December 31, 2016, they agree to liquidate. A
statement of financial position prepared on this date follows:

Assets Liabilities and Equity

Cash PHP2,000 Liabilities PHP6,000
Other assets 46,000 Mila, loan 5,000
Marci, loan 2,500
Emy, capital 14,450
Mila, capital 12,550
Marci, capital 7,500
Total assets PHP48,000 Total liabilities and PHP48,000

The results of liquidation are summarized below:

Month BV Cash realized Liq expenses Cash

January PHP19,000 PHP16,500 PHP1,250 PHP3,250
February PHP15,000 PHP10,000 PHP6,000 PHP500
March PHP12,000 PHP4,000 PHP400 PHP0

All cash available, except the amount withheld for future expenses, is distributed at the
end of each month.


a. Prepare a statement of liquidation with supporting safe payments schedule

b. Prepare a cash distribution program

Answer Section


1. ANS: C PTS: 1
2. ANS: B PTS: 1
3. ANS: B PTS: 1
4. ANS: C PTS: 1
5. ANS: B
True, True, True
6. ANS: B PTS: 1
7. ANS: C PTS: 1
8. ANS: B PTS: 1
9. ANS: B PTS: 1
10. ANS: C PTS: 1
11. ANS: B PTS: 1
12. ANS: A
False, True, True
13. ANS: C
True, False, False
14. ANS: A PTS: 1
15. ANS: A PTS: 1
16. ANS: D PTS: 1
17. ANS: D PTS: 1
18. ANS: A PTS: 1
19. ANS: C PTS: 1
20. ANS: C PTS: 1
21. ANS: A PTS: 1
22. ANS: A PTS: 1
23. ANS: D PTS: 1
24. ANS: D PTS: 1
25. ANS: C PTS: 1
26. ANS: D PTS: 1
27. ANS: B PTS: 1
28. ANS: B PTS: 1
29. ANS: D PTS: 1
30. ANS: C PTS: 1
31. ANS: A

32. ANS: A PTS: 1

33. ANS: C PTS: 1
34. ANS: A PTS: 1
35. ANS: B PTS: 1
36. ANS: D PTS: 1
37. ANS: B PTS: 1
38. ANS: A PTS: 1
39. ANS: A PTS: 1
40. ANS: B PTS: 1