Monopoly: Using cooperative learning to develop technical and soft skills in accounting

Abstract

This article describes a class project in principles of accounting, intermediate accounting, and individual federal taxation at two universities with diverse student populations. The project, refined over six semesters, required students to act as real estate moguls in the game of Monopoly to review the accounting cycle and practice cooperative learning strategies. The project served two purposes. First, the project strengthened technical knowledge of accounting. Academic rigor was established by requiring students to record journal entries, prepare financial statements, and in the taxation course, complete a tax return. Second, the project used cooperative learning strategies to support developing the AICPA “professional core competencies” of ethical and professional conduct, decision making, collaboration, leadership, communication, and project management. The instructors witnessed a heightened sense of collaboration and motivation among their students. Student feedback was positive on the satisfaction surveys, with students saying they experienced a deepened understanding of the accounting process through this quasi real-world simulation. The researchers found that final exam scores significantly improved after the adoption of Monopoly in the principles and intermediate classes. Finally, because of the COVID-19 pandemic, the researchers also developed instructions on how to offer the project online.