Open AccessUsing The Monopoly Board Game As An Efficient Tool In Introductory Financial Accounting Instruction
Author(s) -
Stephen B. Shanklin,
Craig R. Ehlen
Publication year - 2007
Publication title -
journal of business case studies
Language(s) - English
Resource type - Journals
eISSN - 2157-8826
pISSN - 1555-3353
DOI - 10.19030/jbcs.v3i3.4852
Subject(s) - accounting , monopoly , financial accounting , accounting information system , perspective (graphical) , presentation (obstetrics) , management accounting , mark to market accounting , business , positive accounting , accounting management , economics , marketing , computer science , microeconomics , medicine , artificial intelligence , radiology
This paper discusses the use of the Monopoly board game as a tool to contrast the concept of income from an economic perspective with the financial accounting (GAAP) concept of income. This approach is used in a principles of accounting course to make more efficient use of time in an environment where only one academic term is devoted to presenting basic financial accounting concepts. The use of an engaging and unusual medium early in the principles course helps students build confidence and provides positive reinforcement of understanding in a course that undergraduate business students do not always enjoy. The board game medium allows for a simple presentation of some of the differences in economic and accounting definitions of income. Further, it provides a familiar economic simulation of business activity that saves time in demonstrating the value of accounting information from the users perspective.