ADVANCED FINANCIAL ACCOUNTING AND REPORTING (AFAR)

CONSOLIDATED FINANCIAL STATEMENTS (IFRS 10)

Compiled & Constructed by Vhin

MULTIPLE CHOICE QUESTIONS: THEORIES

1. The following situations are presented to you:

I. Entity A is an intermediate parent company, wholly owned by Entity P (the ultimate parent entity). Entity
A’s reporting date is September 30 and Entity P’s is December 31.

II. Entity IP2 is an intermediate parent company, wholly owned by Entity UP2 (the ultimate parent entity).
From Entity UP2’s perspective, Entity IP2 and its subsidiaries are immaterial. For this reason, Entity UP2
does not actually consolidate these entities.

III. Entity IP3 (domiciled in Country X) is an intermediate parent company, wholly owned by Entity UP3
(which is domiciled in Country Y). Both have a reporting date of 31 December. However, Entity IP3’s
filing deadline (in accordance with the law in Country X) is three months after year-end, and Entity UP3’s
(in accordance with the law in Country Y) is six months. Both entities file financial statements on the
legal deadline, so Entity UP3’s consolidated financial statements are not available for public use when
Entity IP3’s are filed.

In your evaluation, which of the foregoing situations is (are) exempt from consolidation under IFRS 10?
A. I only
B. II only
C. III only
D. I, II, and III

2. Under IFRS 10, this concept clarifies which aspects of an investee’s activities must be under the direction of an
investor for that investor to have control for consolidation purposes.
A. Relevant activities
B. Power
C. Related-party activities
D. Exposure or rights to variable returns

3. Under IFRS 10, An investor evaluates all of the following factors to determine if it has power over the investee,
except:
A. Relevant activities
B. How the relevant activities are directed
C. The rights that the investor and other parties have in relation to the investee
D. None of the foregoing

4. Under IFRS 10, relevant activities are activities of the investee that significantly affect the investee’s returns. the
following are some non-exhaustive examples of possible relevant activities provided under IFRS 10, except:
A. selling and purchasing of goods or services
B. managing financial assets during their life (excluding upon default)
C. selecting, acquiring or disposing of assets
D. researching and developing new products or processes

5. Which of the following statements is incorrect regarding the evaluation whether rights are substantive under IFRS
10?
A. For a right to be substantive, the holder must have the practical ability to exercise the right.
B. An investor that holds substantive rights does not have power over an investee, but consequently control
the investee.
C. To be substantive, rights also need to be exercisable when decisions about the direction of the relevant
activities need to be made.
D. Usually, to be substantive, the rights need to be currently exercisable. However, sometimes rights can be
substantive, even though the rights are not currently exercisable.
AFAR – CONSOLIDATED FINANCIAL STATEMENTS (IFRS 10) Compiled by Vhin
For Numbers 6, 7, and 8 are based on the following situation (evaluate the items independently)

An investee has annual shareholder meetings at which decisions to direct the relevant activities are made. The
next scheduled shareholders’ meeting is in eight months. However, shareholders that individually or collectively
hold at least 5% of the voting rights can call a special meeting to change the existing policies over the relevant
activities, but a requirement to give notice to the other shareholders means that such a meeting cannot be held for
at least 30 days. Policies over the relevant activities can be changed only at special or scheduled shareholders’
meetings. This includes the approval of material sales of assets as well as the making or disposing of significant
investments.

6. Supposed that an investor holds a majority of the voting rights in the investee. The investor’s voting rights are
A. Substantive right
B. Protective right
C. Both A and B
D. Neither A nor B

7. Supposed that an investor is party to a forward contract to acquire the majority of shares in the investee. The
forward contract’s settlement date is in 25 days. The existing shareholders are unable to change the existing
policies over the relevant activities because a special meeting cannot be held for at least 30 days, at which point
the forward contract will have been settled. The investor’s forward contract is a
A. Substantive right
B. Protective right
C. Both A and B
D. Neither A nor B

8. Supposed that an investor is party to a forward contract to acquire the majority of shares in the investee, with no
other related rights over the investee. The forward contract’s settlement date is in six months. The investor’s
forward contract is a
A. Substantive right
B. Protective right
C. Both A and B
D. Neither A nor B

9. Identify the following statements whether these are TRUE or FALSE.

Statement 1: To be substantive and convey power, a right must give the investor the ‘current ability’ to direct
the investee’s relevant activities.

Statement 2: The term ‘current ability’ always mean ‘able to be exercised this instant’.

A. Statement 1 is true; Statement 2 is false.

B. Statements 1 and 2 are all false.
C. Statement 1 is false; Statement 2 is true.
D. Statements 1 and 2 are all true.

10. IFRS 10 defines them as ‘rights designed to protect the interest of the party holding those rights without giving
that party power over the entity to which those rights relate’
A. Substantive rights
B. Protective rights
C. Contractual rights
D. Appraisal rights

11. The following are the examples of protective rights under IFRS 10, except:
A. The right to restrict an investee from undertaking activities that could significantly change the credit risk
of the investee to the detriment of the investor.
B. The right to approve an investee’s capital expenditures (greater than the amount spent in the ordinary
course of business)
C. The right to seize assets if an investee fails to meet specified loan repayment conditions
D. A potential voting right is in-the-money

12. Under IFRS 10, Power arises from the existence of:
A. Relevant activities
B. Control
C. Rights
D. Significant influence
AFAR – CONSOLIDATED FINANCIAL STATEMENTS (IFRS 10) Compiled by Vhin
13. Identify the following statements whether these are TRUE or FALSE.

Statement 1: Under IFRS 10, power is an essential element of control; protective rights provide the investor
control over the investee.

Statement 2: Protective rights are typically held to prohibit fundamental changes in the activities of
an investee that the holder does not agree with and even in a contingent event

A. Statement 1 is true; Statement 2 is false.

B. Statements 1 and 2 are all false.
C. Statement 1 is false; Statement 2 is true.
D. Statements 1 and 2 are all true.

14. An investor might have control over an investee even when it has less than a majority of the voting rights of that
investee if its rights are sufficient to give it power when the investor has the practical ability to direct the relevant
activities unilaterally. This is known as
A. De facto control
B. Power
C. Significant influence
D. Control

15. Which of the following De facto control scenarios has the element of power?
A. A holds 48% of the voting rights of B; the remaining 52% of B is widely held by thousands of
shareholders (none of whom holds more than 1% of the voting rights).
B. C holds 45% of the voting rights in D. Two other investors each hold 26% of the voting rights (total
52%), with the remaining 3% held by three other shareholders, each holding 1%.
C. E holds 45% of the voting rights in F. The rest of F is dispersed among 11 investors, who each hold 5%.
D. G holds 35% of the voting rights in H. Three other shareholders each hold 5% of the voting rights of H.
The remaining 50% of the voting rights are held by numerous other shareholders, none individually
holding more than 1% of the voting rights. At recent shareholders’ meetings, 75% of the voting rights
have been represented (including G).

16. Under IFRS 10, variable returns are returns that are not fixed and have the potential to vary as a result of the
performance of an investee. Which of the following is (are) example of exposure to variable returns?
A. Dividends, fixed interest on debt securities that expose the investor to the credit risk of the issuer, variable
interest on debt securities, other distributions of economic benefits and changes in the value of an
investment in an investee.
B. Remuneration for servicing an investee’s assets or liabilities, fees and exposure to loss from providing
credit or liquidity support, residual interests in the investee’s assets and liabilities on liquidation of that
investee, tax benefits and access to future liquidity that an investor has from its involvement with the
investee.
C. Economies of scale, cost savings, scarce products, proprietary knowledge, synergies, or other exposures
to variable returns that are not available to other investors.
D. All of the above

17. Acquirer A is in negotiation with Vendor V to acquire 100% of the share capital of Entity B (the acquiree). Entity
B is currently wholly-owned by Vendor V and operates a business (as defined in IFRS 3). Legal completion of the
transaction (transfer of legal title to the shares in Entity B and payment of the consideration) is subject to approval
by both Acquirer A’s shareholders and the jurisdictional competition authority.

Acquirer A and Vendor V enter into an agreement that:

 commits both parties to legal completion subject to obtaining the required approvals
 commits both parties to use best endeavors to obtain these approvals
 specifies the purchase price, subject to adjustment for working capital movements between the agreement
date and completion date
 specifies that the following decisions and actions can be undertaken by Vendor V only with the consent of
Acquirer A
i. changes in the management of Entity B
ii. dividend payments
iii. constitution amendments
iv. new contracts or charges in excess of a specified value
v. ceasing any business or starting a new business
vi. changes to employee and directors remuneration in excess of 5%.
AFAR – CONSOLIDATED FINANCIAL STATEMENTS (IFRS 10) Compiled by Vhin
Does Acquirer A obtain control over Entity B on the date of this agreement?
A. Yes, as the three (3) essential requisites of control are present.
B. Yes, has some or all of its decision-making rights via a management contract, the terms on which other
investors are able to cancel that contract (‘kick-out rights’) should be evaluated.
C. No, Acquirer A can block some important decisions before that date but is not able to initiate new
activities or strategies. Accordingly, it is likely that Acquirer A’s rights are protective and do not confer
control.
D. No, as it results to acquisition of the 100% net assets of Entity B

18. Entity B is a bank in the Philippines and Entity S is an information technology (IT) outsourcing company in
Japan. Entities B and S form a new Entity C, with the sole activity of providing IT services to B on an outsourced
basis. Some key facts relating to the arrangement are as follows:
 Entity B owns 51% ‘class A’ shares’ and Entity S owns 49% ‘class B’ shares in Entity C, representing
100% of each class
 the two classes of shares each confer one vote per share, such that Entity B holds 51% of the total votes
 all residual profits or losses of the venture, and rights to receive more than the nominal value on
liquidation, accrue to the ‘class B’ shares owned by Entity S
 Entity B pays for services received on the basis of a partly fixed fee, and a variable element that results in
the sharing of operational efficiencies between B and C
 Entity C’s Board of Directors has 5 members, three appointed by Entity B and two by Entity S. The
Board
controls most significant decisions, which are taken by simple majority vote. The CEO is nominated by
Entity S but reports to and functions under the direction of the Board
 most middle management staff are former employees of Entity S who bring in the operational expertise
 the service delivery management of the venture is the most relevant activity, and this is managed on a
day- today basis by Entity S under the overall oversight of the Board
 Operations of the venture are carried out from premises of Entity S.

Which investor(s) has rights or exposure to variable returns?

A. Entity B
B. Entity C
C. Entity S
D. Both Entity B and Entity S

19. Using the facts in number 18, which investor(s) directs the relevant activities?
A. Entity B
B. Entity C
C. Entity S
D. Both Entity B and Entity S

20. The following scenarios are presented to you:

I. An investor holds 35% of the voting rights of an investee. Three other shareholders each hold 5% of the
voting rights of the investee. The remaining 50% of the voting rights are held by numerous other
shareholders, none individually holding more than 1%. None of the shareholders has arrangements to
consult any of the others or make collective decisions. Decisions about the relevant activities are directed
by a simple majority of the votes cast at shareholders’ meetings. At recent meetings, 75% of the total
voting rights have been cast (including the investor’s votes).

II. An investor holds 47% of the ordinary shares in an investee with a conventional control and governance
structure (in others words, an investee whose relevant activities are directed by voting rights conferred by
ordinary shares). The remaining 53% of the shares are owned by hundreds of other unrelated investors,
none of whom own more than 1% individually. There are no arrangements for the other shareholders to
consult one another or act collectively and past experience indicates that few of the other owners actually
exercise their voting rights at all.

In your evaluation of the foregoing statements, which of the above scenario has control over the investee?
A. I only
B. II only
C. Both I and II
D. Neither I nor II
AFAR – CONSOLIDATED FINANCIAL STATEMENTS (IFRS 10) Compiled by Vhin
21. IFRS 10 requires that an investor has to consider whether it treats a portion of an investee as a deemed separate
entity and, if so, whether it controls the deemed separate entity. Such a deemed separate entity is known as
A. Subsidiary
B. Structured entity
C. Silo
D. Investment entity

22. IFRS 10 requires that a parent must determine whether it is an investment entity. An investment entity is an entity
that:
A. Obtains funds from one or more investors for the purpose of providing those investors with investment
management services
B. Commits to its investors that its business purpose is to invest funds solely for returns from capital
appreciation, investment income, or both
C. Measures and evaluates the performance of substantially all of its investments on a fair value basis.
D. All of the above

23. Entities A and B hold 40% and 60%, respectively, of the equity of Entity C. Entity A also holds a currently
exercisable option over one third of Entity B’s holding (of shares in Entity C) which, if exercised, would give
Entity A, a 60% interest in Entity C. Based on the given facts, which of the following statements is incorrect?
A. Entity C is controlled by and therefore is a subsidiary of Entity A, but do not give Entity A present access
to the returns of the underlying shares.
B. In preparing its consolidated financial statements, Entity A attributes 60% of profit or loss, other
comprehensive income and changes in equity of Entity C to the non-controlling interest.
C. Both A and B
D. Neither A nor B

24. Investors A and B establish Entity C and each holds 50% of the voting rights. The shareholders’ agreement
between A and B specifies that:
 Entity C’s purpose is to generate capital gains from investing in commercial property. Its activities are
limited to buying, managing and selling properties that meet pre-determined investment criteria
 all decisions concerning major capital activities, including buying and selling properties, and associated
financing activities, require the agreement of both investors
 Investor A is responsible for other day-to-day management activities, including marketing to prospective
tenants, negotiating rental agreements, rent collection and property maintenance, security and insurance.
Investor A is paid for these services on the basis of costs incurred plus a fixed margin.

Given that its stated objective is to achieve capital gains, this may indicate the capital activities have the most
significant impact. Therefore it concludes that:
A. Investors A and B have common control over Entity C
B. Investors A and B have joint control of Entity C
C. Investor A has control over Entity C
D. Investor B has control over Entity C

25. Using the same facts in the preceding number (24), supposed however the day-to-day management activities are
considered more significant in the given facts, it is therefore conclude that:
A. Investors A and B have common control over Entity C
B. Investors A and B have joint control of Entity C
C. Investor A has control over Entity C
D. Investor B has control over Entity C

26. Under IFRS 10, how does the term “date of acquisition” used by IASB?
A. The term is used even if a parent gains control without acquiring an interest, or taking any action
B. The term is used only if a parent obtains control with acquiring interest, or taking any action
C. The term is used to mean date of acquiring juridical personality and as a new economic entity
D. None of the foregoing

27. The regulators purport to represent the needs of a wide range of users (investors) for a general purpose, for which
the investors cannot otherwise command the financial information (Combined FS). The following are situations
where regulators typically require combined financial statements, except:
A. carve-out transactions
B. spin-off transactions
C. transactions in which the combined entity will become the successor financial statements of a new entity
D. transactions in which the combined entity will be a material acquisition (for the acquirer)
AFAR – CONSOLIDATED FINANCIAL STATEMENTS (IFRS 10) Compiled by Vhin
28. IFRS 10 notes that consideration of the following factors may assist in making the determination whether an
investor has control over the investee, except:
A. what the relevant activities are and how decisions about those activities are made
B. whether the rights of the investor give it the current ability to direct the relevant activities
C. the purpose and design of the investor
D. whether the investor has the ability to use its power over the investee to affect the amount of the
investor’s returns

29. It is defined as an entity that has been designed so that voting or similar rights are not the dominant factor in
deciding who controls the entity, such as when any voting rights relate to administrative tasks only and the
relevant activities are directed by means of contractual arrangements
A. Investment entity
B. Structured entity
C. Reporting entity
D. Common controlled entity

30. In assessing control under IFRS 10, one must evaluate whether the investor has the ability to use its power to
affect the investor’s returns from its involvement with the investee. If applicable, determine whether the investor
is a principal or an agent, considering the following factors, except:
A. Scope of its authority
B. Rights held by other parties
C. Remuneration
D. Removal or “kick-out” rights

31. Structured entities for which there is no substantive decision making are rare. That is virtually stated that all
structured entities have some level of decision making and few, if any, are said to be on
A. Scope of its authority
B. Autopilot
C. Pioneer
D. Hedged

32. Under IFRS 10, some cases exist where voting rights do not provide the holder the power to direct the relevant
activities. This might include the following cases, except:
A. Relevant activities are directed by another party with existing rights under a contract, and that party is not
an agent of the investor.
B. voting rights are substantive
C. voting rights have been delegated to a decision-maker, which then holds the voting rights as an agent
D. voting rights are held as a de facto agent of another investor

33. IFRS 10 is clear that power arises from rights per se and the ability those rights give the investor to direct the
relevant activities. Therefore, an option is only considered in the assessment of power if it is substantive. Whether
an option is substantive depends on facts and circumstances. Common factors to consider when evaluating
whether an option is substantive include
A. exercise price or conversion price, relative to market terms
B. ability to obtain financing
C. timing and length of exercise period
D. All of the foregoing are need to be consider

34. The IASB used this term in IFRS 10 to broadly refer to the ability to make decisions about an investee’s relevant
activities when they need to be made.
A. Exercise period
B. Measurement period
C. Acquisition date
D. Interim period

35. Consolidated financial statements represent the financial statements of a group in which the assets, liabilities,
equity, income, expenses and cash flows of the parent and its subsidiaries are presented as those of a single
economic entity. This approach is referred to as
A. The proprietary concept
B. The entity concept
C. The residual interest concept
D. The capital maintenance concept
AFAR – CONSOLIDATED FINANCIAL STATEMENTS (IFRS 10) Compiled by Vhin
36. Under IFRS 10, when non-controlling interests change in an accounting period, following the transaction such
change is attributed to the
A. Owners of the parent
B. Non-controlling interest
C. Both A and B based on their original ownership interests
D. Both A and B based on their new ownership interests

37. The financial statements of the parent and its subsidiaries used in the preparation of the consolidated financial
statements shall have the same reporting date. If the end of the reporting period of the parent is different from that
of a subsidiary, the subsidiary must
A. Prepare, for consolidation purposes, additional financial information as of the same date as the financial
statements of the parent, unless it is impracticable to do so.
B. Prepare, for consolidation purposes, as of the date when subsidiary ends its transaction for a particular
reporting period.
C. Prepare, for consolidation purposes, based on existing conditions and circumstances at the end or
reporting period.
D. None of the foregoing.

38. A parent can lose control of a subsidiary because of a transaction that changes its absolute or relative ownership
level. If a parent loses control of a subsidiary, it is required to:
A. Derecognize the assets (excluding any goodwill) and liabilities of the former subsidiary at their carrying
amounts at the date when control is lost
B. Derecognize a distribution if the transaction, event or circumstances that resulted in the loss of control
involves a distribution of shares of the subsidiary to owners in their capacity as owners
C. Derecognize the carrying amount of any non-controlling interests in the former subsidiary at the date
when control is lost. This includes any components of other comprehensive income attributable to them.
D. Recognize any investment retained in the former subsidiary at its carrying value at the date when control
is lost.

39. The following scenarios are presented to you:

I. a “downstream” sale or contribution of the investment in the subsidiary (which is a business) to an
existing associate or joint venture
II. a “downstream” sale or contribution of the investment in the subsidiary (which is not a business) to
an existing associate or joint venture
III. a direct sale or dilution of the investment in the subsidiary (which is a business) for cash in a
transaction involving a third party
IV. a direct sale or dilution of the investment in the subsidiary (which is not a business) for cash in a
transaction involving a third party.

In your evaluation of the foregoing scenarios, what standard is applicable for Scenarios I and III?
A. IFRS 11 and IFRS 10
B. IFRS 11 only
C. IFRS 10, only if wide view is taken
D. IFRS 10, whether a ‘wide view’ or ‘narrow view’ is taken for accounting policy determination for both
Scenarios and apply IAS 28 for scenario 1

40. Using the information in number 39, which of the given scenarios will fall within the scope of IFRS 10 if only
“wide view” is taken
A. I only
B. I and II
C. II and IV
D. III only

41. Which of the following consolidation adjustments is a cumulative operations adjustment?

A. Adjust retained earnings for the effect of fair-value assets and liabilities that have since been sold to third
parties
B. Offset a subsidiary's accumulated depreciation against the asset accounts
C. Eliminate year-end intercompany balances
D. Amortize fair-value increments

42. Acquisition adjustments typically stay the same over time. Which of the following would require a modification
of the acquisition adjustments?
A. There are realized profits in downstream sales.
B. The subsidiary company bought a machine from the parent company and has subsequently sold it.
C. The parent company holds a receivable from the subsidiary.
D. There are unrealized profits in downstream sales.
AFAR – CONSOLIDATED FINANCIAL STATEMENTS (IFRS 10) Compiled by Vhin
43. Entity A sold an asset to its parent company at a loss of 100,000. There was no evidence of any impairment of the
asset when it was sold. The parent company owns 75% of Entity A. How should the loss be treated on
consolidation?
A. The loss should be eliminated.
B. The full amount of the loss should be adjusted through opening retained earnings.
C. It should be allocated between the parent company and the Non-controlling Interest.
D. The full amount of the loss should be adjusted through the Statement of Comprehensive Income.

44. Under current IFRS, any contractual obligation to purchase non-controlling interests, such as a put option granted
to non-controlling interests gives rise to a
A. Financial asset
B. Derivative measured at fair value
C. Financial liability measured at fair value
D. Financial liability measured at the present value of the redemption amount

45. Which of the following statement is incorrect regarding the accounting by an investment entity in its consolidated
financial statements?
A. Consolidate any subsidiary that is not an investment entity and whose main purpose and activities are
providing services that relate to the investment entity’s investment activities and apply the requirements
of IFRS 3 to the acquisition of any such subsidiary
B. Account for its own investments in investment property, associates, joint ventures and financial
assets at fair value.
C. Measure all other investments in a subsidiary at fair value through profit or loss in accordance with the
requirements of IFRS 9
D. Measure all other investments in a subsidiary at fair value through other comprehensive income in
accordance with IFRS 9

46. A parent company uses the equity method to account for its wholly-owned subsidiary, but has applied it
incorrectly. In each of the past four full years, the company adjusted the Investment account when it received
dividends from the subsidiary but did not adjust the account for any of the subsidiary's profits. The subsidiary had
four years of profits and paid yearly dividends in amounts that were less than reported net incomes. Which one of
the following statements is correct if the parent company discovered its mistake at the end of the fourth year, and
is now preparing consolidation working papers?
A. The parent company's Retained Earnings will be increased by the cumulative total of four years of
subsidiary profits.
B. The parent company's Retained Earnings will be increased by the cumulative total of the first three years
of subsidiary profit, and the Subsidiary Income account will be increased by the profit for the current
year.
C. The parent company's Subsidiary Income account will be increased by the cumulative total of four years
of subsidiary profits.
D. A prior period adjustment must be recorded for the cumulative effect of four years of accounting errors.

47. Parent Corporation has different investment in stocks consisting of investment in subsidiary, investment in
associate, investment in joint venture and investment in fair value. Under IFRS 3 and IFRS 10, which of the
following dividends from investee will be presented in the Consolidated Statement of Comprehensive Income of
the Parent Corporation if the latter account for all its investment in subsidiary using cost method in its separate
financial statements?
A. Dividend from subsidiary
B. Dividend from associate
C. Dividend from joint venture
D. Dividend from fair value investment

48. Under IFRS 10, an investor may hold instruments that (if exercised or converted), give the investor power to
direct the relevant activities. These are called ‘potential voting rights’ and may be held through ownership of the
following types of instruments, except:
A. Share options and warrants
B. Convertible bonds
C. Derivative instruments
D. Convertible preference shares

49. The single entity concept requires that the parent’s investment in each subsidiary is eliminated on consolidation.
In practice the following inter-related steps are usually combined, except:
A. The investment is offset against the subsidiary’s share capital and pre-acquisition reserves
B. Goodwill is recognized in accordance with IFRS 3 (for subsidiaries acquired in a business combination)
C. Fair value adjustments to assets, liabilities and contingent liabilities made in the business combination
accounting are reflected
D. No non-controlling interest is recognized.
AFAR – CONSOLIDATED FINANCIAL STATEMENTS (IFRS 10) Compiled by Vhin
50. Which of the following statements is incorrect with regards to parent’s accounting treatment when the NCI in a
subsidiary changes but the same parent retains control?
A. Gain or loss is recognized when the parent sells shares
B. A parent’s purchase of additional shares in the subsidiary does not result in additional goodwill
or other adjustments to the initial accounting for the business combination
C. The carrying amount of the parent’s equity and NCI’s share of equity is adjusted to reflect changes in
their relative ownership interest in the subsidiary. Any difference between the amount of NCI adjustment
and the fair value of the consideration received or paid is recognized in equity, attributed to the parent
D. The parent should take into consideration the allocated amounts of accumulated OCI (including
cumulative exchange differences relating to foreign operations) are adjusted to reflect the changed
ownership interests of the parent and the NCI. The re-attribution of accumulated OCI is similarly treated
as an equity transaction

ANSWER KEY

1 B 11 D 21 C 31 B 41 A
2 A 12 C 22 D 32 C 42 B
3 D 13 B 23 D 33 D 43 A
4 B 14 A 24 B 34 A 44 D
5 B 15 A 25 C 35 B 45 D
6 A 16 D 26 A 36 C 46 B
7 A 17 C 27 C 37 A 47 D
8 D 18 D 28 C 38 C 48 C
9 A 19 A 29 B 39 D 49 D
10 B 20 A 30 D 40 C 50 A