Advanced AccountingFBLA practice test and study guide for 2026-27

About this event

Advanced Accounting (formerly Accounting II) goes beyond the basics into inventory, payroll, corporate financial statements, and managerial accounting, building on the same accounting cycle and standards as Accounting. How it runs: this is an individual objective test and nothing else. You take a proctored, online test of 100 multiple-choice questions in 50 minutes. Study materials are not allowed, and a calculator is built into the testing platform. Each correct answer is worth one point with no penalty for wrong answers, and your test score is your result.

1. 1

   Find your weakest area

   Take the 7-question check below: one question from each of the 7 areas. It tells you where to start.

   Start the check
2. 2

   Learn every area

   Every area of the official topic outline is below. Each has a short lesson, flashcards and practice, plus free reading.

   See the areas
3. 3

   Practice until every bar is full

   Practice gives you one question at a time and leans toward the areas you miss. Your readiness meter fills as you get them right in every area.

   Practice
4. 4

   Take a full test at the real pace

   100 questions in 50 minutes, the official length. Your readiness meter counts your last 3 full tests from the past 30 days, and 90% fills each one.

   Take a practice test

The areas of the test

1. Foundations of Accounting3 free reads

   Read the lessonFlashcardsPractice this area

   • Book · OpenStaxPrinciples of Accounting, Volume 1, Sec. 1.1: Explain the Importance of Accounting and Distinguish between Financial and Managerial Accounting (opens in a new tab)
   • Book · OpenStaxPrinciples of Accounting, Volume 1, Sec. 3.2: Define and Describe the Expanded Accounting Equation and Its Relationship to Analyzing Transactions (opens in a new tab)
   • Book · OpenStaxIntroduction to Business 2e, Sec. 14.3: Basic Accounting Procedures (opens in a new tab)
2. Standards and Compliance3 free reads

   Read the lessonFlashcardsPractice this area

   • Book · OpenStaxPrinciples of Accounting, Volume 1, Sec. 3.1: Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements (opens in a new tab)
   • Book · OpenStaxPrinciples of Accounting, Volume 1, Sec. 8.7: Describe Fraud in Financial Statements and Sarbanes-Oxley Act Requirements (opens in a new tab)
   • Book · OpenStaxPrinciples of Accounting, Volume 2, Sec. 1.4: Describe the Role of the Institute of Management Accountants and the Use of Ethical Standards (opens in a new tab)
3. The Accounting Cycle3 free reads

   Read the lessonFlashcardsPractice this area

   • Book · OpenStaxPrinciples of Accounting, Volume 1, Sec. 3.3: Define and Describe the Initial Steps in the Accounting Cycle (opens in a new tab)
   • Book · OpenStaxPrinciples of Accounting, Volume 1, Sec. 4.2: Discuss the Adjustment Process and Illustrate Common Types of Adjusting Entries (opens in a new tab)
   • Book · OpenStaxPrinciples of Accounting, Volume 1, Sec. 5.1: Describe and Prepare Closing Entries for a Business (opens in a new tab)
4. Inventory3 free reads

   Read the lessonFlashcardsPractice this area

   • Book · OpenStaxPrinciples of Accounting, Volume 1, Sec. 10.1: Describe and Demonstrate the Basic Inventory Valuation Methods and Their Cost Flow Assumptions (opens in a new tab)
   • Book · OpenStaxPrinciples of Accounting, Volume 1, Sec. 10.3: Calculate the Cost of Goods Sold and Ending Inventory Using the Perpetual Method (opens in a new tab)
   • Book · OpenStaxPrinciples of Accounting, Volume 1, Sec. 6.2: Compare and Contrast Perpetual versus Periodic Inventory Systems (opens in a new tab)
5. Payroll3 free reads

   Read the lessonFlashcardsPractice this area

   • Book · OpenStaxPrinciples of Accounting, Volume 1, Sec. 12.5: Record Transactions Incurred in Preparing Payroll (opens in a new tab)
   • Reference · IRSIRS Publication 15 (Circular E): Employer’s Tax Guide (opens in a new tab)
   • Article · IRSIRS: Understanding employment taxes (opens in a new tab)
6. Financial Statements3 free reads

   Read the lessonFlashcardsPractice this area

   • Book · OpenStaxPrinciples of Accounting, Volume 1, Sec. 2.1: Describe the Income Statement, Statement of Owner’s Equity, Balance Sheet, and Statement of Cash Flows, and How They Interrelate (opens in a new tab)
   • Book · OpenStaxPrinciples of Accounting, Volume 1, Sec. 16.1: Explain the Purpose of the Statement of Cash Flows (opens in a new tab)
   • Article · U.S. Securities and Exchange CommissionSEC: Beginners' Guide to Financial Statements (opens in a new tab)
7. Managerial Accounting3 free reads

   Read the lessonFlashcardsPractice this area

   • Book · OpenStaxPrinciples of Accounting, Volume 2, Sec. 1.2: Distinguish between Financial and Managerial Accounting (opens in a new tab)
   • Book · OpenStaxPrinciples of Accounting, Volume 2, Sec. 3.2: Calculate a Break-Even Point in Units and Dollars (opens in a new tab)
   • Book · OpenStaxPrinciples of Accounting, Volume 2, Sec. 7.1: Describe How and Why Managers Use Budgets (opens in a new tab)

Free reading comes from open textbooks, government health and business sites, free courses and professional associations, never a copy of a book or a test. Every link was checked on November 9, 2026.

Test format

• Time limit50 minutes
• Questions100 multiple choice
• OptionsA, B, C, D, one correct
• GuessingNo penalty, always answer
• CalculatorBuilt into the test
• IndividualSolo event

Competition levels: Regional Leadership Conference, then State Leadership Conference, then National Leadership Conference

Curated by ChapterPrep. Free unless noted. External links open in a new tab.

Free reading for the whole event

• Book · OpenStaxPrinciples of Accounting, Volume 1 (free open textbook) (opens in a new tab)
• Book · OpenStaxPrinciples of Accounting, Volume 2 (free open textbook) (opens in a new tab)

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