By Eric Weinstein, author of Labyrinth Learning’s Excel for Accounting and Payroll Accounting
Teaching new subject matter can sometimes be difficult – one way to get information across easier is by using an activity that students are already familiar with. For example, you can actually use the popular board game Monopoly in order to teach students accounting. The following are tips on how to teach accounting with Monopoly:
- Ask your students to use profit and loss sheets while playing the game and to predict expenses and income as they go. Make it so that a single trip around the board equals a single month on their profit and loss statements.
- Compare the management of personal and business expenses in real life with playing the game by highlighting the importance of anticipating their expected income and their expenses. Discuss what happens if they don’t plan properly, using examples of losing businesses and homes in the game to mirror real life consequences.
- Require that receipts be written out whenever money is used within the game, whether it’s for purchases or for paying rent. These receipts will be used for when the students are writing up their profit and loss statements.
- Ask your students to create a graph that compares their initial predictions with their actual expenses and income to see how things change as the rounds progress. This will help them see whether they became better at making financial predictions or worse.
Use these tips regarding how to teach accounting with Monopoly. Contact us at Labyrinth Learning for additional teaching resources and advice.