ACCOUNTING CONTEST BASICS 2020-2021 - WRITTEN BY LAVERNE FUNDERBURK, CPA UIL ACCOUNTING STATE CONTEST DIRECTOR
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ACCOUNTING
Contest Basics
2020-2021
Written by LaVerne Funderburk, CPA
UIL Accounting State Contest Director
Summary of Topics in This Presentation • Rules and UIL Accounting Handbook • Contest Season • Schedule Conflicts • Content and Format of Tests • Calculators • Responsibilities of Coaches Who Bring Contestant(s) to State Meet • Sample Test Problem Demonstration • Two Websites to Use as References • Contest Preparation Resources
Rules are Found by clicking POLICY and Constitution & Contest Rules
Constitution and Contest Rules: Academics
• Sections 900 – 902 Overview
Section 900: Introduction to High School Contests
o
Section 901: Academic Contest Ethics Code
o
Section 902: General Regulations
o
• Sections 903 – 906 Meets
Section 903: District Meet
o
Section 904: Regional Meet
o
All of These
Sections Are
Section 905: State Meet
o
Important to Read
Section 906: Invitational Meets
o and Follow
• Section 920 - Accounting
ESSENTIAL REFERENCE
This is a MUST read
for both students
and coaches. It
provides detailed
contest
procedures.
UIL Accounting Handbook: Select Resources
and then Handbooks & Manuals
2021 Invitationals
A school that hosts an invitational meet may do any of the following:
1) Use a test written by someone in the school system
2) Purchase a test from a vendor, or
3) Use the UIL tests written by the State Contest Director (referred to as Set A and Set B)
The UIL Invitational tests (Set A & Set B) for the year 2021 should only
be used between the respective time periods as set forth by UIL as
So if you attend more found in the UIL Official Calendar:
than one meet during
Set A – Jan 8 through Feb 6
these time periods, you
might see the same test. Set B – Feb 12 through Mar 13
2021 Contest Schedule
District: March 22-27
Regional: April 16-17
State: May 1
Academic Conflict Pattern Your school’s UIL District Academic Meet will be spread over a week’s time. Therefore, a student may be able to participate in SEVERAL academic events at your school’s UIL Academic District Meet. However, if you advance in more than one academic event, you may encounter day/time conflicts at your Regional Meet and at State Meet. UIL provides the “Academic Conflict Pattern” to help you make choices when conflicts arise. It is good to know in advance what conflicts exist. Try as many contests as you like!
Academic Conflict Pattern
At the time of
this writing,
the Conflict
Pattern
document had
not yet been
updated by
UIL.At the time of
this writing,
the Conflict
Pattern
document had
not yet been
updated by IF you choose to
UIL. participate in UIL
Accounting AND any of
the other contests
listed in Set 2, you will
experience conflicts at
Region and State.
Check YOUR District
Schedule for possible
conflicts at District.How to Locate the Conflict Pattern
At the time of this
writing, the Conflict
Pattern document
had not yet been
updated by UIL.New Textbook Adoption Began 2017-18
UIL Accounting Test Writing Is Based on:
• Accounting 1 (high school, first-year Accounting)
• Publishers for this Level are:
• Cengage Learning, Inc. (either General Journal or Multi-
column Journal)
• McGraw-Hill School Division (Glencoe)UIL Accounting Schedule of Concepts About the UIL Accounting Schedule of Concepts: 1. It is NOT all-inclusive. 2. The purpose of the list is to give you a general idea of what will be included on invitational and district contest materials. 3. The general concept groups that need to be ADDED for the regional contest level is shown. 4. And finally, all concepts in any state-adopted first year high school text are fair game for the state level of the contest.
Locate UIL Accounting Concepts List
www.funderburkcpa.com/uil
Then Scroll DownUIL Accounting Concepts List 2020-21
UIL Schedule of Concepts State Level Item #5 Ratio analysis (e) Return on Stockholders’ Equity The actual formula is provided on the UIL Schedule of Concepts
Testing Formats
NO-Choice Numeric Matching
Yes/No True/False
Debit/Credit Increase/Decrease
Multiple Choice:
1. Stand Alone theory or math computation
2. Series of multiple choice connected to a group of data
either on same page or in a table
3. Multiple-Column Multiple Choice
Layout Problems Using a Table of DataOne of the Most Frequently
Asked Questions…
Is My Calculator Allowed?What if We Made You Use One of These?
Found in the UIL Accounting Handbook:
7. CALCULATORS.
Contestants are restricted to using basic four-function calculators only. Contest
officials shall check all calculators prior to the beginning of the contest. The
decision to allow or disallow a calculator rests with the contest director of the meet.
1. Basic Four-Function Calculators. Contestants may use their own cordless,
silent, calculators, which shall not be equipped with a tape and do not
require external wall plugs. Calculators shall not possess any built-in
features that would enable pre-recorded alpha or numeric data to be brought
into the contest room. Higher-level calculators such as business, financial,
statistical, graphing, scientific and the like are not allowed.
2. Allowed Functions. Examples of standard, allowed functions include +, –, x,
÷, % and √ (square root). Simple memory is permitted as indicated by M+,
M-, Memory Subtotal and Memory Grand Total. If a calculator is otherwise
considered a basic four-function calculator but includes minimal additional
functions (such as sales tax, markup, currency exchange, average, etc.), the
calculator is allowed.
3. Disallowed Calculators. If a calculator is disallowed and the contestant can
obtain an allowable calculator from any willing source, the contest director
may allow the substitution of a calculator. The disallowed calculator should
be held by the contest director and returned to its owner after the testing
hour.You May NOT Use Your
Cell Phone as a Calculator
In fact, you should NOT bring
ANY electronic device
into the contest room!
(No Smart Watches)State Meet
Volunteers
A Successful Meet
Depends on the
Volunteer Help of
Coaches!Reminder: UIL Accounting Handbook states… Teams advancing to the Region and State Meet shall provide a qualified grader to score papers, unless excused for a valid reason by the contest director.
Additions to UIL Accounting Handbook
Made in 2018-19 and Still in Effect
Page 5 & 6: Before the Contest
This section Was Added for 2018-19 and Beyond:
Personnel (State)
After the Regional Meet, EVERY coach of a state contestant (whether
the contestant is competing as an individual or as a team member) shall
respond to the State Contest Director by email as outlined in the
“Memo from the Accounting State Contest Director” posted on the UIL
Academics website.Memo from Accounting State Contest Director
Information You Will Provide by Email to the State Director:
• Confirm that coach and students have read and understand the UIL
Accounting Handbook
• Confirm that coach and students have read and understand the “Memo
from the Accounting State Contest Director”
• If your school is sending a TEAM, your school is required to provide a
grader (email the name of your school’s grader)Memo from Accounting State Contest Director
Information You Will Provide by Email to the State Director:
(continued)
• All coaches are asked to volunteer to help:
• EITHER as a Conference Assistant
• OR to:
• Inspect Calculators
• Review Contest Materials & Verify the Key
• GradeMajor Change to State Meet Schedule
The Coaches’ Meeting is Eliminated
(in previous years, it was scheduled
the day before the contest)
This explains why coaches need to
Respond to the State Director by EmailSample Problem
(from District 2016-D2, Group 3)
At the beginning of the fiscal year 2015, Michael Company’s assets
were $87,428. During the year, assets increased by $12,065 and
liabilities decreased by $1,975. At the end of the year, liabilities totaled
$19,645. The owner made withdrawals of $2,000 and invested $8,000
in the business during the year.
18. What was the total owner’s equity at the beginning of the year?
19. What was the total owner’s equity at the end of the year?
20. What was the amount of net income or new loss for the year?This Solving Format is Your Best Friend!
A = L + OE
Beg
Dur
End
There are several different ways the problem
set up could be presented in the test (narrative,
chart, etc.). The solving format shown is very
useful for a variety of problem types.My BEST Advice: Write Down What You Know,
and do so as you read the problem only once!
A = L + OE
Beg = +
Dur
End = +At the beginning of the fiscal year 2015, assets were $87,428
A = L + OE
Beg 87,428 = +
Dur
End = +During the year, assets increased by $12,065
A = L + OE
Beg 87,428 = +
Dur + 12,065
End = +and liabilities decreased by $1,975
A = L + OE
Beg 87,428 = +
Dur + 12,065 - 1,975
End = +At the end of the year, liabilities totaled $19,645.
A = L + OE
Beg 87,428 = +
Dur + 12,065 - 1,975
End = 19,645 +The owner made withdrawals of $2,000
A = L + OE
Beg 87,428 = +
- 2,000 w/d
Dur + 12,065 - 1,975
End = 19,645 +And invested $8,000 in the business during the year.
A = L + OE
Beg 87,428 = +
- 2,000 w/d
Dur + 12,065 - 1,975 + 8,000 contr.
End = 19,645 +Look for a row or column with enough information to start solving
A = L + OE
Beg 87,428 = +
- 2,000 w/d
Dur + 12,065 - 1,975 + 8,000 contr.
End = 19,645 +
It does not matter if you start with Ending Assets or Beginning Liabilities.Assets: 87,428 + 12,065 = 99,493
A = L + OE
Beg 87,428 = 21,620 +
- 2,000 w/d
Dur + 12,065 - 1,975 + 8,000 contr.
End 99,493 = 19,645 +
Liabilities: 19,645 PLUS 1,975 (because we are solving “in reverse
direction”) = 21,620Beginning Capital: Assets 87,428 – Liabilities 21,620 = 65,808
A = L + OE
Beg 87,428 = 21,620 + 65,808
- 2,000 w/d
Dur + 12,065 - 1,975 + 8,000 contr.
End 99,493 = 19,645 + 79,848
Ending Capital: Assets 99,493 – Liabilities 19,645 = 79,848We have now solved Question #18 (beginning OE or Capital)
A = L + OE
Beg 87,428 = 21,620 + 65,808
- 2,000 w/d
Dur + 12,065 - 1,975 + 8,000 contr.
End 99,493 = 19,645 + 79,848
AND we have solved Question #19 (Ending OE or Capital)So the only thing left to solve is either Net Income OR Net Loss
A = L + OE
Beg 87,428 = 21,620 + 65,808
- 2,000 w/d
Dur + 12,065 - 1,975 + 8,000 contr.
End 99,493 = 19,645 + 79,848
Beg OE 65,808 – w/d 2,000 + contr. 8,000 HOLD IT RIGHT THERE!
Look at your calculator display (71,808)…is that amount greater than or less
than ending OE (79,848)? Decide NOW if you have NI or NL (you have NI)A = L + OE
Beg 87,428 = 21,620 + 65,808
- 2,000 w/d
Dur + 12,065 - 1,975 + 8,000 contr.
End 99,493 = 19,645 + 79,848
Beg OE 65,808 – w/d 2,000 + contr. 8,000 – Ending OE 79,848 = NI 8,040
This is the answer to Q#20Why are There TWO Websites? • www.UILTexas.org/academics maintained by the UIL State Office in Austin, Texas ------------------------------------------------------------------------- • www.funderburkcpa.com/UIL maintained by LaVerne Funderburk
Visualize it is March 2021…will you look back on this day
and wish that you had started practicing today?One of the BEST ways to practice for this contest!
Because of the Covid-19
Pandemic, State Meet in
2020 was not held.
Investigate your competition. What are the scores of STATE CONTENDERS?Build Your Own
UIL Accounting Review Notebook Think
Compile a folder or notebook that travels with you DIGITAL !!
so you can use wait time to study and review.
What goes in this notebook?
1. Anything you struggle to remember.
2. Abbreviations and Acronyms
3. Copies from resources (for visual learners)
4. Charts or Tables
5. Copies from prior year testsProblems Organized by Concept This took a few years…
Notebook of Problems Think
Organized by CONCEPT DIGITAL !!
Many teachers/coaches have followed this advice with great results.
Yes, it is a mammoth undertaking. But even Rome was not built in a
day. Just get started. Encourage students to be a part of this process.
1. Begin with one prior year test.
2. Start with Group 1. Make a copy.
3. Decide the general concept area.
4. Make a tab divider with that concept name. File it.
As more problems are added to each tabbed concept area, you will be
accumulating various testing formats (good for students to see).
Students could use this for intense practice in a specific content area.Digital “Notebook” of Concepts Instead of making a paper notebook, make one that is digital. All of the prior year contest materials in the “Archived Exams” are in Microsoft Word format. So use cut/paste and organize file names and folders by concept or content area.
Where Can a
School
Purchase
Additional UIL
Study Academics
Materials for
Resources
Contest
Preparation? Additional
Resources
Will Get You
to the Vendor
ListThese are
some of
the
vendors
who
provide
accounting
practice
materials.TEA Allows Accounting II as Math Credit !! (We should hear applause and cheering!) • Begins with 2017-18 school year • Section 74.12, Foundation High School Program is amended to add Accounting II as option to satisfy the third mathematics credit • Two of the credits must consist of Algebra I and Geometry • Talk to YOUR school’s administration or counselor to see if your school district will incorporate this option
UIL Accounting Coaches… --email me when you have questions: laverne@funderburkcpa.com --email me if you wish to be added to my UIL Accounting Coaches Database. Please include city and name of school.
“Hard Work Beats Talent
When Talent Doesn’t Work Hard.”
---Tim Notke
(a basketball coach)Thank you for viewing this presentation.
Hope to see you in Austin at
STATE MEET!!You can also read
