ABM QUIZ BEE 2025-AVERAGE

What does inflation refer to?

• Increase in wages
• Decrease in government spending
• General increase in prices
• Increase in unemployment

Which government agency handles inflation control through monetary policy in the Philippines?

• DTI – Department of Trade and Industry
• DOF- Department of Finance
• BSP – Bangko Sentral ng Pilipinas
• BIR – Bureau of Internal Revenue

What term refers to money received from investments or property?

• Wages
• Rent
• Interest
• Dividends

Who is known as the “Father of Accounting”?

• Leonardo da Vinci
• Luca Pacioli
• Barry Melancon
• Stephen Zeff

What is the purpose of the “Sales Returns and Allowances” account?

• To record defective merchandise returned by buyers
• To record purchases made by the business
• To record the delivery cost paid by the buyer
• To record customer discounts

Which of the following is an external user of accounting information?

• Owner
• Manager
• Employee
• Creditor

If a company operates in the Philippines, what principle dictates that the financial statements be presented in pesos?

• Conservatism Principle
• Going Concern Principle
• Monetary Unit Principle
• Cost Principle

Type of management techniques founded by Henri Fayol which emphasizes on how managers perform his managerial functions that will both benefit the organization and the employees

• SCIENTIFIC MANAGEMENT THEORY
• ADMINISTRATIVE MANAGEMENT THEORY
• BUREAUCRATIC THEORY
• TOTAL QUALITY MANAGEMENT(TQM)

Function of management where they transform all the plans into realization and it involves the assigning and coordination of specific tasks and resources to the various groups that will enables them to contribute for the immediate attainment of the company objectives.

• Planning
• Leading
• Organizing
• Staffing

An account in accounting equation that refers to what the company owns.

• Asset
• Liabilities
• Capital
• Revenue