ACCOUNTING II
 

This event recognizes FBLA members who have demonstrated an understanding of and skill in accounting principles and procedures as applied to sole proprietorships, partnerships, and corporations.

 

This event consists of two (2) parts: an objective test and a production test. Participants are required to complete both parts to be eligible for an award. A one (1) hour objective test will be administered based on the competencies listed. The score received on this portion of the event will constitute 50 percent of the final event score. Nongraphing calculators will be provided. One (1) hour will be given for the production test at a school site designated by the state chair/state adviser. Accounting or spreadsheet software must be used. Students may bring prepared templates which may include, but are not limited to a general journal, bank reconciliation, financial statements, and a worksheet.  The score received on this portion of the event will constitute 50 percent of the final event score. Calculators are not allowed on the production portion of the test.

 

The one-hour objective test will include questions on financial statements; corporate accounting; ratios and analysis; accounts receivable and payable; budgeting and cash flow; cost accounting/manufacturing; purchases and sales; journalizing and posting; income tax; payroll; inventory; plant assets and depreciation; departmentalized accounting; ethics; and partnerships.

 

The one-hour production portion will focus on the following competencies:  financial statements, bank reconciliation, payroll, trial balance, journalizing, inventory, depreciation, and adjusting/ closing entries.
 

 

ELIGIBILITY

Participants should have had more than one year of high school accounting instruction or its equivalent.

 

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

 

District:      Number of participants governed by local FBLA District policy.

 

State:         Each district may be represented by participant(s) based on the Florida FBLA scaled quota system found in the Fact Finder.

 

National:   See publication:  National Chapter Management Handbook—current edition.

 

REGULATIONS

District:     Each district determines its own procedures for event registration.

 

State:        When it has been determined that a student will represent the district at state competition, the student's local adviser must send the appropriate entry form to the state adviser by first-class mail.  The entry form and the required postmark deadline are included in the SLC registration packet.

 

National:   See publication:  National Chapter Management Handbook—current edition.

 

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

 

• Participants must not have entered this event at a previous National Leadership Conference or placed 1st or 2nd in this event at a previous State Leadership Conference.

 

• 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 and erasers.  Nongraphing calculators will be provided for the objective portion of the test.  Calculators are not allowed on the production portion of the test. No electronic devices may be brought to the event.     No reference materials or other items are to be brought to the event.

 

• Students may bring prepared templates to the production portion of the test.

 

• 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

 

Objective tests will be machine graded.  This portion will constitute 50 percent of the final score.
 
 

Judging of the production test will be based on printed copy.  The documents will be evaluated by a panel of judges.  This portion will constitute 50 percent of the final score.  In the event of a tie, the production test will be used to break the tie.  All decisions of the judges are final.

 

AWARDS

 

District:      The number of awards presented at the District Leadership Conference is determined by local FBLA District policy.

 

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.