ACCOUNTING PRINCIPLES
This event recognizes PBL 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 problems covering the basic principles of financial accounting. The questions may pertain to basic concepts, principles, and terminology; measurement, valuation, realization, and presentation of assets; financial statements (balance sheet and income statement); accounts payable and receivable; ownership structure; worksheets; professional standards and ethics; and other financial statements (e.g., cash flow, owner's equity statement, etc). ELIGIBILITY Participants must not have had more than two semesters, or four quarters of accounting instruction, with no intermediate accounting classes or advanced accounting classes. Participants must have paid state and national dues postmarked by February 15 of the current school year. Participants must not be or have been enrolled in any graduate program prior to December 1 of the current school year. State National Each charter may enter four participants. See publication: Chapter Management Handbook—current edition. 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 postmarked first-class mail by the date specified in the SLC registration packet. See publication: Chapter Management Handbook—current edition.
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Participants must be selected in accordance with the regulations of the state chapter and the national association. Participants must not have entered this event at a previous National Leadership Conference or placed 1st, 2nd , or 3rd 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, 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. 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.
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