This study examined family factors reported by parents and their children in relation to children's academic competence. Adolescents and their parents (N=323) reported about the same family characteristics: parental acceptance and involvement in the children's education. Measures related to children's academic competence were: academic competence rated by the teacher, self-reported grades, perceived academic competence and motivational orientation. The results revealed low interrater agreement in family measures. Moreover, ratings by children about parenting characteristics seem higher than those of their parents in predicting academic-related measures. This was true especially in the case of children's reports on acceptance. However, in the case of involvement, parent's reports contributed towards predicting a higher number of variables.