foundations of ACCOUNTING

 

This event recognizes Collegiate members who have an understanding of the basic principles of accounting and who give evidence of their knowledge in solving practical accounting problems.

The one-hour objective test will include questions covering the basic principles of accounting.  The questions may pertain to accounts payable and receivable; basic concepts, principles, and terminology; measurement, valuation, realization, and presentation of assets; financial statements; ownership structure; professional standards and ethics; and worksheets.

 

ELIGIBILITY

Participants must not have had more than six credit hours on a semester schedule, or the equivalent of quarter hours, of accounting instruction, at the collegiate level by May 1 of the current year.

Participants must have paid state and national dues postmarked by February 15  of the current school year.

State Each charter may enter six participants.

National See national guidelines: www.fbla-pbl.org.

 

REGULATIONS

State      When it has been determined that a student will represent the charter at state competition, the appropriate entry form must be sent to the state adviser received by the date specified in the SLC registration packet.

National      See national guidelines: www.fbla-pbl.org.

• Participants must be selected in accordance with the regulations of the state chapter and the national association.

•Members may compete in this event more than once if they have not previously placed in the top ten of the event at the National Leadership Conference (NLC). If a member places in the top ten of an event at the NLC, they are no longer eligible to compete in that event.

• Participants failing to report on time may be either disqualified or permitted to begin late with no extension of the time as scheduled. 

• Participants must furnish their own No. 2 pencils, erasers, and calculators.  Participants may bring a financial calculator; however, no other electronic devices are allowed.  No reference materials or other items are to be brought to the event.

• Participants must adhere to the dress code established by the Board of Directors or they will not be permitted to participate in the competitive event.

 

JUDGING

Tests will be machine graded.  In the event of a tie, the students’ performance on the final ten questions of the exam will be evaluated.  After that, if necessary, the order in which the tests were received will be used.

AWARDS

State     State awards for the top five places are presented at the State Leadership Conference.

National     The number of awards presented at the National Leadership Conference is determined by judges and/or number of entries.  The maximum number will be ten.