Accounting students at Platteville High School recently used the game of Monopoly to apply concepts learned on double entry accounting. The purpose of this simulation is to provide students with an in-depth experience in recording transactions, summarizing events, and preparing financial reports. The game of Monopoly serves as a model of a small company. Following the preparation of a General Journal and General Ledger, students also complete a Trial Balance, Income Statement, Balance Sheet, Statement of Changes in Owner’s Equity, and a Post-Closing Trial Balance. The completion of the entire accounting cycle provides students with a hands-on realistic experience of financial statements for a small business.
A Monopoly on financial education