Having made "continuous improvement" the theme of its accreditation process a decade ago, the Association to Advance Collegiate Schools of Business (AACSB) is poised to make "assurance of learning" the current focus of the faculty/student exchange. In this article, the authors discuss how to use standardized assessment tests appropriately and constructively for compliance with this requirement. They provide an overview of accountability in higher education and then focus on assessing student achievement and development. They use results from the Educational Testing Service's Major Field Test in Business to illustrate verification of test reliability and validity. Finally, they suggest ways that standardized test results can be used for evaluating and enhancing student performance. (Contains 6 tables.)