ACCOUNTING

Accounting challenges competitors to demonstrate their understanding of fundamental accounting principles through an objective test. This event introduces members to key concepts such as financial statements, journal entries, and the accounting cycle, encouraging exploration of careers in accounting and finance.

 

Event Overview

Division: High School
Event Type: Individual
Event Category: Objective Test, 100-multiple choice questions (breakdown of question by competencies below)
Objective Test Time: 50 minutes

Educational Alignments.

Items Competitor Must Provide: Sharpened pencil, Fully powered device for online testing, Photo Identification, Conference-provided nametag, Attire that meets the Florida FBLA Dress Code

Items FBLA Provides: One piece of scratch paper per competitor; internet access; test login information

 This event is designed for students who are in the early stages of learning accounting. To be eligible, members must have completed no more than two traditional semesters of high school accounting instruction, or the equivalent of one full year under a block schedule, by May 1, 2027.

  Objective Test Competencies

·         Foundations of Accounting
·         Standards and Compliance
·         The Accounting Cycle
·         Accounts Payable and Receivable
·         Tax Accounting
·         Financial Reports
·         Technology and Accounting
·        Career Opportunities
Test questions are based on the knowledge areas and objectives outlined for this event. Detailed objectives can be found in the study guide included in these guidelines.

District
Check with your District leadership for District-specific competition information.

State

Eligibility

·         FBLA membership dues are paid by 11:59 pm Eastern Time on December 1 (or earlier date specified by District Director) of the current program year.
·         Members may compete in an event at the State Leadership Conference (SLC) more than once if they have not previously placed in the top 10 of that event at the National Leadership Conference (NLC). If a member places in the top 10 of an event at the NLC, they are no longer eligible to compete in that event.
·         Members must be registered for the SLC and pay the state conference registration fee in order to participate in competitive events.
·         Members must stay within the official FBLA housing block of the official FBLA hotel to be eligible to compete.
·         Each district may be represented by participant(s) based on the Florida FBLA scaled quota system found on the Florida FBLA website.
·         Each member can only compete in one individual/team event and one chapter event (Community Service Project, Local Chapter Annual Business Report).
·         Identification: Competitors must present valid photo identification (physical copy) that matches the name on their conference name badge. Acceptable forms include a driver’s license, passport, state-issued ID, or school ID.
·         If competitors are late for an objective test, they may be either disqualified or permitted to begin late with no extension of the time as scheduled.
·         Participants must adhere to the Florida FBLA dress code established by the Florida Board of Directors or they will not be permitted to participate in the competitive event.

Recognition

·         The number of competitors will determine the number of winners. The maximum number of winners for each competitive event is 5.

Event Administration

·         Event Duration: 50 minutes
·         This event is an objective test administered at the SLC.
·         No reference or study materials may be brought to the testing site.
·         No calculators may be brought into the testing site; calculators will be provided

Scoring

·         Each correct answer is worth one point.

·         No points are deducted for incorrect answers.

·         Ties are broken by comparing the correct number of answers to the last 10 questions on the test. If a tie remains, answers to the last 20 questions on the test will be reviewed to determine the winner. If a tie remains, the competitor who completed the test in a shorter amount of time will place higher.
·         Results announced at the State Leadership Conference are considered official and will not be changed after the conclusion of the State Leadership Conference.

Americans with Disabilities Act (ADA)

·         FBLA complies with the Americans with Disabilities Act (ADA) by providing reasonable accommodations for competitors. Accommodation requests must be submitted through the conference registration system by the official registration deadline. All requests will be reviewed, and additional documentation may be required to determine eligibility and appropriate support.

Penalty Points

·         Competitors may be disqualified if they violate the Competitive Event Guidelines or the Honor Code.

Electronic Devices

·         Unless approved as part of a documented accommodation, all cell phones, watches, electronic devices, and headphones must be turned off and stored away before the competition begins. Visible devices during the event will be considered a violation of the FBLA Honor Code.

National

If you are competing on the National level, be sure to see the National guidelines at: https://www.fbla.org/divisions/fbla/fbla-competitive-events/

Study Guide: Competencies and Tasks

This study guide outlines the skills and knowledge assessed for this event. Objectives followed by a two-letter, three-digit code in parentheses are aligned to the National Business Administration Standards from MBA Research and Curriculum Center. Some objectives reference MBA Research’s Learning Activity Packages (LAPs), which are instructional resources with readings, activities, and assessments available exclusively to teacher advisers. For more information, visit MBAResearch.org/FBLA. 

Important Notice Regarding Test Preparation 

MBA Research materials are not required to study for or prepare for FBLA competitive event tests. MBA Research provides curriculum and instructional resources directly to teachers and does not administer or manage individual student testing or competition participation. 

Note for members and parents: All questions related to tests, study materials, scores, or competition guidelines should be directed to the local FBLA adviser. Only teacher advisers should contact MBA Research directly. 

Foundations of Accounting (10 test items)  

  • Describe the need for financial information (FI:579, LAP-FI-579) (CS)  

  • Explain the concept of accounting (FI:085, LAP-FI-085) (CS)  

  • Discuss the role of ethics in accounting (FI:351, LAP-FI-351) (SP)  

  • Explain legal considerations for accounting (FI:353) (SP)  

 

 Standards and Compliance (5 test items)  

  • Explain the nature of accounting standards (PD:158) (CS)  

  • Explain financial disclosure regulations and policies (BL:153) (SP)  

 

 The Accounting Cycle (40 test items)  

  • Discuss the nature of the accounting cycle (FI:342) (CS)  

  • Distinguish among types of business transactions (FI:673) (CS)  

  • Distinguish among types of business documentation (FI:674) (CS)  

  • Demonstrate the effects of transactions on the accounting equation (FI:378) (CS)  

  • Prepare a chart of accounts (FI:379) (CS)  

  • Explain the nature of special journals (FI:407) (CS)  

  • Journalize business transactions (FI:381) (CS)  

  • Post journal entries to general ledger accounts (FI:382) (CS)  

  • Prepare a trial balance (FI:383) (CS)  

  • Journalize and post adjusting entries (FI:384) (CS)  

  • Journalize and post closing entries (FI:385) (CS)  

  • Prepare a post-closing trial balance (FI:386) (CS)  

  • Prepare worksheets (FI:387) (SP)  

 

Accounts Payable and Receivable (10 test items)  

  • Explain the nature of accounts payable (FI:409) (CS)  

  • Account for purchases (e.g., purchase requisitions, purchase orders, invoices, vouchers) (FI:679) (CS)  

  • Explain the nature of accounts receivable (FI:424) (CS)  

  • Account for sales (e.g., invoices, sales receipts, etc.) (FI:682) (CS)  

 

Tax Accounting (10 test items)  

  • Explain record keeping procedures for tax accounting (FI:484) (SP)  

  • Account for taxes (FI:697) (SP)  

  • Identify tax issues for clients (FI:485) (SP)  

 

Financial Reports (5 test items)  

  • Discuss the nature of annual reports (FI:388) (SP)  

  • Analyze transactions and accounts (e.g., purchase, sales, sales returns and allowances, uncollectible accounts, depreciation, debt) (FI:449) (SP)  

 

Technology and Accounting (10 test items)  

  • Explain the use of technology in accounting (FI:352) (SP)  

  • Use accounting applications and systems (NF:225) (CS)  

  • Preserve automated accounting records (NF:227) (SP)   

 

Career Opportunities (10 test items)  

  • Identify career opportunities in accounting (PD:337) (SP)  

  • Explain the roles and responsibilities of accounting professionals (PD:338) (SP)  

  • Discuss professional designations for accountants (e.g., CPA, CMA, CIA, CFE, etc.) (PD:168) (SP)  

  • Describe the services of professional organizations in accounting (PD:339) (SP)