1. The smallest segment of activity for which costs are accumulated is called
A) Cost unit B) Cost ledger
C) Cost centre D) Cost control

2. Irrecoverable costs caused by complete abandonment of a plant:
A) Replacement cost B) Differential cost
C) Marginal cost D) Sunk cost

3. Find out the economic order quantity from the given information. Annual usage
12000, cost of placing and receiving one order- Rs. 60, annual carrying cost 10%
A) 12000 B) 10000 C) 20000 D) 15000

4. Match the following
a. Minimum level 1. Level at which issue of materials are stopped
b. Maximum level 2. Level at which purchase requisition for fresh
supply is initiated
c. Reorder level 3. Level of quantity of material which is
maintained in hand
d. Danger level 4. Level to avoid overstocking
A) a-2, b-1, c-3, d-4 B) a-1, b-2, c-3, d-4
C) a-3, b-4, c-2, d-1 D) a-1, b-3, c-2, d-4

5. The method of issuing material suitable at the time of falling prices is:
A) LIFO                                      B) FIFO
C) Average Cost Method          D) Inflated Price Method

6. A worker completes a job in a certain number of hours. The standard time allowed for the job is 10 hours and the hourly rate of wages is Re.1.The worker earns at 50% rate a bonus of Rs.2 under Halsey Plan. Find the total wages under Rowan Premium Plan.
A) Rs 6.40 B) Rs 9.40 C) Rs 4.40 D) Rs 8.40

7. Calculate P/V ratio from the following information
Selling price Rs.10 per unit, Variable cost per unit Rs.6. Profit and sales of two periods are:-
Year                    Sales           Profit
2001                   150000       20000
2002                   170000       25000
A) 20% B) 15% C) 25% D) 30%

8. ——- is an important tool of profit planning
A) Ratio analysis B) Cost-volume profit analysis
C) Fund flow analysis D) Cash flow analysis

9. Calculate the gross profit ratio from the following information:
Sales – 1,00,000, Purchases – 60000, sales returns – 10000, purchases returns – 15000,
opening stock 20000 and closing stock 5000
A) 23.33 % B) 13.33 % C) 43.33 % D) 33.33 %

10. The relationship between dividend per share and market price per share is
A) Dividend Payout Ratio B) P/E Ratio
C) Dividend Yield Ratio D) Operating Ratio

11. Comparison of two or more firms with the objective of providing information regarding the competitive position of participating companies to improve profitability and productivity of those companies is called:
A) Inter-firm comparison B) Intra-firm comparison
C) Both A& B D) Industry Comparison

12. Internal source of funds include
I. Public Deposits II. Funds from long term loans
III. Increase in share capital IV. Funds from operations
A) III & IV only B) III only
C) IV only D) I & II only

13. Depreciation is treated as a source of fund because
I. Value of closing inventory may include depreciation of fixed asset as an
element of cost
II. Depreciation does not generate funds but it saves funds
III. It reduces taxable income
IV. Depreciation results in reduction of asset
A) I, II & III only B) II, III & IV only
C) I & IV only D) III & IV only

14. Find out the source of cash from the following?
A) Purchase of fixed assets B) Cash from operations
C) Decrease in unsecured loans D) Payment of dividend

15. The risk analysis technique which provides more than one estimate of the future return of a project is:
A) Standard deviation B) Probability assignment
C) Coefficient of variation D) Sensitivity analysis

16. The current market price of an equity share is Rs.90. The current dividend per share is
Rs.4.50. In case the dividends are expected to grow at the rate of 7%, calculate the
cost of equity capital
A) 12 % B) 12.5 % C) 13 % D) 14 %
17. Calculate the payback period for the projects A and B with the following inflows:-
A-25000, 15000,10000, Nil, 12000,6000 and B-10000,12000,18000,25000,8000,
4000. Investment for both the projects is Rs.50000.
A) 2 years, 3 years B) 3years, 3.4years
C) 4 years, 4.4 years D) 5 years, 5.5 years

18. Irrelevance concept of dividend was introduced by
A) Myron Gordon B) John Lintner
C) James Walter D) Modigliani and Miller

19. One of the methods of expediating cash inflows is:
A) Preparing cash budget B) Lock box system
C) Consideration of short costs D) None of these

20. Proportional value analysis is another name for
A) JIT analysis
B) VED analysis
C) Flexible manufacturing system
D) ABC analysis

21. Identify the correct sequence to be followed by purchases department.
i. exploring sources of supply ii. Checking and passing of bills for payment
iii. receiving purchase requisition iv. receiving and inspecting materials
v. preparation and execution of orders
A) i, iii, ii, iv, v B) i ,ii, iii, v, iv
C) iii, i, v, iv ,ii D) iii, ii, i, iv, v

22. Management Grid was developed by
A) F.W.Taylor B) Blake and Mouton
C) Urwick D) Henry Fayol

23. Proper management technique in a given situation depends on the nature and
condition of that situation. This theory is called
A) Y Theory B) System Theory
C) Contingency Theory D) None of the above

24. The Principle of Span of Control was propounded by
A) Fayol B) V.A Graicunas
C) Elton Mayo. D) F.W.Taylor

25. Bounded Rationality Model was framed by
A) Herbert Simon B) Max Weber
C) Charles Babbage D) Peter F Drucker

26. Delegation refers to:
A) Assignment of work to subordinates without responsibility
B) Sharing of authority and responsibility to subordinates
C) Dispersal of decision making authority at lower levels
D) Giving responsibility without assigning authority

27. Match the items in A with B
A                                                   B
a) Hugo Munsterberg            i. M.B.O
b) Henri Fayol                        ii. Industrial Psychology
c) F.W.Taylor                          iii. Functional Theory
d) Peter Drucker                    iv. Scientific Management
A) a-i, b-ii, c-iii, d-iv B) a-ii, b-iv, c-iii, d- i
C) a-ii, b-iii, c-iv d-i D) a-i, b- ii, c- iv, d- iii

28. Identify the correct equation
I                                                                       II
i. Fixed cost/P/V ratio                               a) Contribution
ii. Fixed expenses + profit                        b) Margin of safety
iii. Actual Sales – breakeven sales            c) Breakeven point
iv. Sales (1-P/V ratio)                               d) Fixed cost
e) Variable cost
A) i-c, ii-a, iii-b, iv-e B) i-b, ii-c, iii-a, iv-d
C) i-c, ii-b, iii-a, iv-d D) i-a, ii-c, iii-b, iv-e
29. Human Relations Approach of Management is associated with
A) Abraham Maslow B) Elton Mayo
C) Peter Drucker D) Frederick Herzberg
30. According to McClelland an individual’s major motive to work includes the need for
A) Achievement B) Affiliation
C) Power D) All of the Above
31. The plan for meeting the challenges of competitors is called
A) Strategy B) Mission
C) Derivative plan D) Programme

32. Assertion: A manager delegates authority and responsibility
Reasoning: Manager wants to shrink his responsibility
A) Both assertion and reasoning are correct
B) Assertion is wrong but reasoning is correct
C) Assertion is correct but reasoning is wrong
D) Both assertion and reasoning are wrong
33. Match the following:
a) Hungarian method i. first calculates average outcome for each course
of action and selects the maximum number
b) Maximax ii. Compromise between maximax and minimax
c) Hurwicz iii. Minimum of maximum
d) Rationality iv. Assignment
v. Maximizes maximum pay-off
A) a-ii, b-iii, c-i, d-iv B) a-iv, b-v, c-ii, d-i
C) a-ii, b-v, c-iii, d-iv D) a-iv, b-iii, c-i, d-ii
34. Match the following:
a) Maslow i. Hygiene Theory
b) Herzberg ii. X and Y Theory
c) Ouchi iii. Need Hierarchy Theory
d) Mc Gregor iv. Z Theory
A) a-i, b- ii, c- iii, d- iv B) a-ii, b- i, c- iv, d- iii
C) a-iv, b- iii, c- ii, d- i D) a-iii, b- i, c- iv, d- ii
35. Cognitive dissonance indicates
A) Buying indifference B) Pre-purchase behavior
C) Post-purchase behaviour D) Buying behaviour
36. Statistic refers to characteristic of
A) Population B) Sample
C) Mean D) None of the above
37. Match the items of A with items of B:
A                                                    B
a) t test                                     i. secondary data
b) regression test                  ii. stratified sampling
c) published sources           iii. hypothesis test
d) probability sampling     iv. quota sampling
v. multi-variate analysis
A) a-v, b- i, c-ii, d- iv B) a-v, b- iii, c-i, d- iv
C) a- iii, b- v, c- i, d- ii D) a-v, b- ii, c-i, d-iv

38. Cluster sampling is a type of
A) Probability sampling B) Non-probability sampling
C) Multi stage sampling D) None of these
39. A decision to reject a hypothesis when it is true is:
A) Type I error B) Type II error
C) Type III error D) Both Type I and Type II errors
40. The commonly used levels of significance are
A) 2 % and 1 % B) 6 % and 5 % C) 5 % and 1 % D) 1 % and 4 %
41. Run test is an example of
A) Parametric test B) Non-parametric test
C) Both A & B D) None of these
42. Chi square test is used to
A) Test the goodness of fit B) Test independence of attributes
C) Test homogeneity D) All of the above
43. A statement of purpose that distinguishes one business from other firms is
A) Mission B) Objectives C) Goals D) Vision
44. The external environment of business does not include
A) Suppliers B) Marketing intermediaries
C) Public D) Management structure and nature
45. Turnaround strategy is otherwise known as:
A) Cut back strategy
B) Divestment strategy
C) Liquidation strategy
D) Harvest strategy
46. In a BCG matrix high market share in slow growth industries is represented by
A) Cash Cow B) Stars
C) Question marks D) Dogs
47. Michael Porter’s competitive forces do not include
A) Rivalry among existing firms B) Threat of new entrants
C) Threat of substitutes D) Strength and weakness of a company
48. Johari Window is a technique in
A) Perception B) Learning
C) Transaction analysis D) None of these

49. Non-financial motivators do not include
A) Participation B) Medical reimbursement
C) Recognition D) Job enrichment
50. In Alderfer’s Theory, R denotes
A) Resourcefulness B) Respectfulness
C) Relatedness D) None of these
51. Redesigning jobs for making it more challenging to employees:
A) Job enlargement B) Job enrichment
C) Job specification D) Job description
52. T-group training is otherwise called
A) Grid training B) Class room training
C) On the job training D) Sensitivity training
53. Match the following:
a) opportunity cost i. costs which can be eliminated
b) out of pocket costs ii. predetermined costs
c) standard costs iii. costs ascertained after being incurred
d) historical costs iv. costs which involves payment to outsiders
v. cost of the next alternative
A) a-i, b-ii, c-iii, d-iv B) a-ii, b-iii, c-i, d-v
C) a-v, b-iv, c-ii, d-iii D) a-v, b-ii, c-iii, d-i
54. Which one of the following financial statement analysis techniques helps one to
overcome size disparity problems associated with Firms under comparison:
A) Trend analysis B) Common size analysis
C) Horizontal analysis D) Vertical analysis
55. If the purchase consideration is calculated by considering all the payments, the
method is called
A) Lump sum method B) Net asset method
C) Net payment method D) Intrinsic value method
56. Which among the following software is used in research analysis?
57. A statistical technique used to test the equality of three or more samples means:
A) ANCOVA B) ANOVA C) Chi- square D) t-test
58. Discounted cash flow method for investment appraisal does not include
59. Which of the following is not an international financial institution?
A) IMF B) World Bank C) IDA D) IDBI

60. The Indian Accounting Standard on “Statement of Cash Flow” on convergence is
A) Ind AS 10 B) Ind AS 3 C) Ind AS 8 D) Ind AST
61. The strategy of introducing a product with high price is
A) Skimming strategy B) Penetration strategy
C) Pull strategy D) Push strategy
62. Which of the following term is used to represent proportionate relationship between
debt and equity?
A) Capital budgeting B) Capital structure
C) Cost of capital D) Operating leverage
63. Profits prior to incorporation are considered as
A) General reserve B) Secret reserve
C) Revenue reserve D) Capital reserve
64. If the current ratio is 2:1 and the working capital is Rs.80000 find the current assets
A) Rs.160000 B) Rs.100000 C) Rs.60000 D) Rs.120000
65. Assertion: Ratio analysis is one of the tools for assessing the financial
performance of an organization
Reasoning: Ratio analysis is not the only one technique for assessing the financial
performance of an organization
A) Assertion is true but Reasoning is false
B) Assertion is false but Reasoning is true
C) Both are true and Reasoning is the correct explanation of Assertion
D) Both are true and Reasoning is not the correct explanation of Assertion
66. Match the following:
i. Accounting principles a) materiality
ii. Accounting assumptions b) IASB
iii. Modifying principles c) revenue recognition
iv. Accounting standards d) money measurement
A) i-a, ii-c, iii-b, iv-d B) i-d, ii-a, iii-b, iv-c
C) i-b, ii-a, iii-c, iv-d D) i-c, ii-d, iii-a, iv-b
67. State which of the following statements are correct
i. Working capital is the amount of funds required for the operation of an enterprise
ii. Circulating capital is the capital which changes from one form to another
A) i and ii are correct B) i and ii are wrong
C) i is correct and ii is wrong D) i is wrong and ii is correct
68. When the Debtors Turnover Ratio is 3, what is the debt collection period?
A) 2 months B) 3 months C) 4 months D) 5 months

69. HRM does not include
A) Job enrichment B) Performance appraisal
C) Job evaluation D) Sales promotion
70. Match the following:
a) Structural ratios i. capital structure
b) Ordering quantity ii. dividend policy
c) Bonus shares iii. financing working capital
d) Matching approach iv. inventory management
A) a- i, b-ii, c-iii, d-iv B) a-iii, b-iv, c-i, d-ii
C) a-iii, b-iv, c-ii d-i D) a-ii, b-iv, c-i, d-iii
71. Identify the correct sequence in connection with the process of environmental
A) Scanning-Monitoring-Assessment -Forecasting
B) Scanning-Monitoring-Forecasting-Assessment
C) Monitoring-Scanning-Forecasting-Assessment
D) Monitoring-Scanning-Assessment-Forecasting
72. Which of the following tests is used to measure the ratio of two sample variances?
A) chi square test B) F test
C) t test D) Z test
73. The impact of changes in sales on earnings before interest and tax is measured with
the help of:
A) financial leverage B) operating leverage
C) super leverage D) none of these
74. Which one of the following statements is correct?
A) Increase in capital are debits and decrease in capital are credits
B) Increase in assets are credits and decrease in assets are debits
C) Increase in expenses are credits and decrease in expenses are debits
D) Increase in liabilities are credits and decrease in liabilities are debits
75. Plans which form the guidelines for decision making is called
A) policy B) strategy C) procedure D) rule
76. The concept of budget where all the activities are required to be started from scratch
A) Master budget B) Cash budget
C) Zero base budget D) Flexible budget
77. Standard error means
A) Inter-quartile range of the data
B) Standard deviation of data
C) Standard deviation of the sampling distribution
D) Standard deviation of population

78. The function of attracting, acquiring, retaining and developing human resources in an
organization is termed as
A) Staffing B) Recruitment
C) Selection D) Training and development
79. Fair value of a share means
A) Value under Net asset method
B) Value under Yield method
C) Average of values under Net asset method and Yield method
D) None of these
80. When some of the shares of the subsidiary company are held by outsiders, their
interest in the company is called
A) Cost of control B) Capital reserve
C) Minority interest D) None of these
81. Receipts and Payments account is
A) Nominal B) Real
C) Personal D) None of these
82. An amount received by nonprofit making organization on the death of a person as per
his will is
A) Legacy B) Donation
C) Subscription D) Entrance fees
83. One of the sub systems of MIS that supports management decision making is
84. A strategy in which a firm focuses on one or few segments is called
A) Differentiated marketing B) Undifferentiated marketing
C) Mixed strategy D) Concentrated marketing
85. A strategy which allows a firm to excel its competitors by producing goods and
services at lowest cost
A) Focus strategy B) Differential strategy
C) Cost leadership D) Core strategy
86. Match the following:
I                                                                                                  II
a) Discount on issue of shares                                          i. Current liabilities and provisions
b) Calls in arrear                                                                 ii. Reserves and surplus
c) Trade payable                                                                 iii. Share capital
d) Share premium                                                               iv. Miscellaneous expenditure

A) a-ii, b-i, c-iii, d-iv B) a-iv, b-iii, c-i, d-ii
C) a-iii, b-iv, c-ii, d-i D) a-iii, b-i, c-iv, d-ii

  1. When two companies join together and form a new one, the action is called:
    A) Merger B) Strategic alliance
    C) Acquisition D) None of these
  2. The main objective of cost accounting is to
    A) Comply with norms issued by the Government of India from time to time
    B) Assist management in decision making
    C) Maximise profits and minimize losses
    D) Prepare cost accounts in line with accounting standards
  3. Identify the correct sequence:
    i. collection of data ii. statement of the problem
    iii. sampling iv. data analysis v. review of literature
    A) i, iii, iv, v, ii B) ii, iii, v, i, iv C) iii, ii, iv, v, i D) ii, v, iii, i, iv
  4. Which of the following does not match?
    I II
    a) interest is tax deductible expense i. cost of debt capital
    b) realised yield approach ii. cost of equity capital
    c) extended yield approach iii. cost of retained earning
    d) dividend capitalization approach iv. bonus issue
    A) a and i B) b and ii C) c and iii D) d and iv
  5. 360 degree method is related to
    A) Job evaluation B) Employee morale
    C) Retrenchment D) Performance appraisal
  6. Consider the following itemsi. prepaid expense ii. debentures iii. bank overdraft iv. Interest outstanding
    Which of these are examples of current liability?
    A) i, ii, iii, iv B) i and ii only C) iii and iv only D) ii and iii only
  7. Assertion:- Premium received on issue of shares is credited to share premium account
    Reasoning: Since share premium is not a trading profit, it is not distributed as
    dividend to shareholders
    A) Both Assertion and Reasoning are correct
    B) Both Assertion and Reasoning are wrong
    C) Assertion is correct and Reasoning is wrong
    D) Assertion is wrong and Reasoning is correct
  8. With regard to trading blocks, FTA stands for:
    A) Foreign Trade Area B) Free Trade Area
    C) Foreign Tax Agreement D) Foreign Travel Assistance
  1. Which is not a type of value in value analysis?
    A) Exchange value B) Fair value
    C) Cost value D) Use value
  2. Statement: Cost control aims at achieving the predetermined costs but cost
    reduction aims at reduction of costs
    Reasoning: Cost control is exercisable only when costs are predetermined and cost
    reduction involves permanent reduction of cost
    A) Statement is correct, Reasoning is wrong
    B) Statement is wrong, Reasoning is correct
    C) Both Statement and Reasoning are wrong
    D) Both Statement and Reasoning are correct
  3. If the cash outlay of a project is Rs.37500 and present value of cash inflow is
    Rs.50000, calculate the Profitability Index?
    A) 1 B) 1.67 C) 1.33 D) 1.2
  4. If the cost of materials is Rs.160000, wages is Rs.240000 and manufacturing expenses
    is Rs.100000, What is the works cost?
    A) Rs.400000 B) Rs.500000 C) Rs.200000 D) Rs.600000
  5. Production is against specific orders in
    A) Unit costing B) Process costing
    C) Product costing D) Job costing
  6. From the following particulars, calculate
    i. contribution ii. Breakeven point in units iii. What will be selling price per unit if
    the breakeven point is brought down to 25000 units, if fixed expenses is
    Rs.150000,Variable cost per unit Rs.10 and Selling price per unit Rs.15?
    A) Rs. 4, 20000 units, Rs.10 B) Rs.5, 30000 units, Rs.16
    C) Rs.3.5, 40000 units, Rs.14 D) Rs.3, 35000 units, Rs.12
  7. Projects which involve creation of new production limit and jobs, assets, technology
    transfer are called
    A) Green field investments B) Brown field investments
    C) Blue field investments D) None of these
  8. Match the following
    I II
    a) Horizontal FDI i. manufacture products which are not manufactured
    by parent companies at home
    b) Vertical FDI ii. Same production extended to other countries
    c) Conglomerate FDI iii. Expansion of a firm into another stage of
    production process

A) a-i, b-ii, c-iii B) a-i, b-iii, c-ii C) a-ii, b-iii, c-i D) a-ii, b-i, c-iii

  1. In LLP artificial variables are introduced in the constraints having:
    A) Either ≥ or = signs B) With ≤ or = signs
    C) Either ≥ or ≤ signs D) Only = sign
  2. An activity which only determines the dependency of one activity on another is
    referred to as
    A) Dummy activity B) Independent activity
    C) Faulty activity D) None of these
  3. One of the methods to find the basic feasible solution in a transportation problem is
    A) Stepping Stone Method B) North West Corner Rule Method
    C) Vogel’s Approximation D) Both B & C
  4. Which one of the following is not a technique of operations research?
    A) net worth analysis B) linear programming
    C) replacement theory D) Dynamic programming
  5. Find out the credit sales from the following information:
    Opening debtors Rs.16200, Cash received from debtors Rs.84000, Goods returned
    by debtors Rs.4500, closing debtors Rs.22000
    A) Rs. 93300 B) Rs.95300 C) Rs.94300 D) Rs.92300
  6. The following information relate to Statement of Affairs. Find the odd one?
    A) It is prepared on the basis of incomplete records
    B) It is prepared to show the financial position
    C) It is prepared on any date to find out capital
    D) It is difficult to locate errors in the value of assets and liabilities
  7. Which of the following is not a property of binomial distribution?
    A) mean increases as ‘n’ increases, with ‘p’ remaining constant
    B) mean=np
    C) discrete probability distribution
    D) positively skewed distribution
  8. Which of the following is not a procedure involved in calculation of one way ANOVA?
  9. Identify the correct sequence in testing of hypothesis
    i. Calculate the value of test statistic ii. Specify the level of significance
    iii. Decide the appropriate test iv. Set up null hypothesis
    A) i, iii, ii, iv B) ii, iii, iv, i C) iv, iii, ii, i D) iv, iii, i, ii
  10. Which one of the following is not an activity ratio?
    A) Fixed assets turnover ratio B) P/E ratio
    C) Debtors turnover ratio D) Creditors turnover ratio
  1. Which of the following does not come under the Maslow’s need hierarchy?
    A) Physiological needs B) Safety needs
    C) Social needs D) Psychological needs
  2. Who coined the term Zero Base Budgeting?
    A) Pete Pyher B) Abraham Maslow
    C) Peter Drucker D) Alderfer
  3. The Philosophy of Management is a book written by
    A) F.W.Taylor B) Urwick
    C) Elton Mayo D) Oliver Sheldon
  4. Which of the following is a relative measure of dispersion?
    A) Variance B) Coefficient of variation
    C) Standard deviation D) None of these
  5. Which of the following is not a feature of a strategy?
    A) strategy relates the organization with environment
    B) strategy is a relative combination of actions
    C) strategic decisions are taken basically on the information generated within the
    D) strategy is an overall plan of action
  6. Conservative concept refers to
    A) Taking into account profit received and likely losses
    B) Taking profit into account
    C) Taking into account only profit received
    D) Taking only loss into account
  7. Which of the following is the hygiene factor in Herzberg’s Two Factor Motivation
    A) Working condition B) Recognition
    C) Achievement D) Responsibility
  8. Match the following:
    I II
    a) Independent float i. time by which an activity may be delayed without affecting total project duration
    b) Total float ii. time by which an activity may be delayed without delaying the start of any succeeding activity
    c) Free float iii. Error in network
    d) Dangling iv. Activities on critical path
    v. portion of total float within which an activity can be delayed without affecting float of preceding activities
    A) a-ii, b-i, c-iii, d-v B) a-iii, b-ii, c-i, d-v
    C) a-i, b-v, c-iv, d-ii D) a-v, b-i, c-ii, d-iii
1   C   21   C   41   B   61   A   81   B   101   A   
2   D   22   B   42   D   62   B   82   A   102   C   
3   A   23   C   43   A   63   D   83   B   103   A   
4   C   24   B   44   D   64   A   84   D   104   A   
5   B   25   A   45   C   65   C   85   C   105   D   
6   D   26   B   46   A   66   D   86   B   106   A   
7   C   27   C   47   D   67   A   87   A   107   C   
8   B   28   A   48   C   68   C   88   D   108   B   
9   D   29   B   49   B   69   D   89   D   109   D   
10   C   30   D   50   C   70   C   90   C   110   C   
11   A   31   A   51   B   71   B   91   D   111   C   
12   C   32   C   52   D   72   B   92   C   112   B   
13   A   33   B   53   C   73   B   93   A   113   D   
14   B   34   D   54   B   74   D   94   B   114   A   
15   D   35   C   55   C   75   A   95   B   115   D   
16   A   36   B   56   D   76   C   96   D   116   B   
17   B   37   C   57   B   77   C   97   C   117   C   
18   D   38   A   58   C   78   A   98   B   118   A   
19   B   39   A   59   D   79   C   99   D   119   A   
20   D   40   C   60   D   80   C   100   B   120   D