foundations of ACCOUNTING

 Foundations of Accounting provides members with the opportunity to demonstrate knowledge around introductory competencies in accounting. This competitive event consists of an objective test. It aims to inspire members to learn about accounting.

Event Overview

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

NACE Connections: Career & Self-Development

Equipment Competitor Must Provide: Pencil, Computer

Only for members who have had no 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.

 Competencies

·         Basic Concepts, Principles and Terminology
·         Measurement, Valuation, Realization, and Presentation of Assets
·         Financial Statements
·         Accounts Payable and Receivable
·         Ownership Structure
·         Other Financial Statements
·         Professional Standards and Ethics
·         Worksheet

State

Eligibility

·         FBLA membership dues are paid by 11:59 pm Eastern Time on February 1st of the current program year.

·         Members must be registered for the SLC and pay the state conference registration fee in order to participate in competitive events.

·         Members must stay in an official FBLA hotel to be eligible to compete.

·         Each chapter may submit one entry per event.

·      Members on the state level may enter up to three different events in the following combinations: 

o    Three objective tests OR

o    Two objective test and one production OR

o    Two objective tests and one performance OR

o    One objective test, one performance, and one production

·         In addition, on the state level, a member may compete in one chapter event (Community Service Project or State of Chapter Presentation).

·         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

·         This event is an objective test administered prior to the SLC.

·         No reference or study materials may be brought to the testing site.

·         No calculators may be brought into the testing site; online calculators will be provided through the testing software.

Tie Breaker

·         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.

Americans with Disabilities Act (ADA)

·         FBLA meets the criteria specified in the Americans with Disabilities Act for all competitors with accommodations submitted through the conference registration system by the registration deadline.

Penalty Points

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

Electronic Devices

·         All electronic devices such as cell phones and smart watches must not be brought to the testing site.

National

Be sure to see the National guidelines at https://www.fbla.org/divisions/collegiate/pbl-competitive-events/