ACCOUNTING - MONOPOLY



|[pic] |BAF3M – Accounting and Financial Management |

BAF3M – CCT #1: Monopoly

PURPOSE: Monopoly is a fun and practical way to learn the effectiveness of the general journal, ledger and financial reporting. In addition, the accounting cycle theory learned to date is applied in a cooperative learning environment.

THE TASK:

• Students will work independently

• You will be give 3 classes to play and 2 classes to work on your report.

Each day, students will set up their positions on the board. All materials will be kept in a box at the end of each game play day.

Each player is responsible for the following tasks:

• Keeping an up-to-date tally sheet

• Recording the transactions in the General Journal

• Posting the journal entries to the Ledger Accounts

• Playing the game (rolling the dice, moving game pieces, handling money, etc.)

At the end of class give yourself 5 - 10 minutes to:

1. Put away all money and properties

2. Fill in the your daily tally sheet and have it verified by another player

3. Leave all sheets (journal, ledger, daily tally sheets) in your box in the game for the next day

ADDITIONAL RULES:

Every team gets $1500 to start.

Deals to sell or trade properties to other teams are allowed. Any profits or losses from sale/trade of properties are recorded as Gain on Sale or Trade or Loss on Sale or Trade.

Only TWO houses per property are allowed.

Each time you buy a property, the specific property should be recorded in the general journal (e.g. – Property (L) – Marvin Gardens).

Railroads and Utilities are recorded separately from other properties, and should also be recorded specifically (e.g. – Property (U) – Water Works).

Any money collected through “Free Parking” should be recorded as General Revenue.

Jail – you are to buy your way out of jail on your next turn for $50 and record this transaction as a General Expense.

Monopoly Report Guidelines

At the conclusion of three days of play, you will be required to prepare a Monopoly Report that will include the following:

• Strategy, Conclusions and Reflections

• Daily tally sheets

• General Journal

• Ledger Accounts

• Trial Balance

• Income Statement

• Balance Sheet

The Strategy & Reflections should be approximately two typed pages (1.5 point line spacing) that discuss your group’s strategy for playing the game, conclusions on your ability to execute your strategy, and reflections on what you would do differently given the opportunity.

Due Date:

_________________________________

Monopoly Evaluation Check List

|Knowledge (supporting documents) |Level 1 (50-59%) |Level 2 (60-69%) |Level 3 (70-79%) |Level 4 |

| | | | |(80-100%) |

|Tally Sheets | | | | |

|(complete daily and is accurate) | | | | |

|General Journal | | | | |

|(complete daily and is accurate) | | | | |

|Expended Ledger Accounts | | | | |

|(complete daily and, accurate, matches the general journals,| | | | |

|contains transaction numbers) | | | | |

| | | | | |

|Application (Financial Reporting) | | | | |

|Trial Balance ( matches the expended ledger, correct format | | | | |

|and balances) | | | | |

|Classified Balance Sheet (matches the trial balance, correct| | | | |

|format and balances) | | | | |

|Income Statement (matches the expended ledger and correct | | | | |

|format ) | | | | |

| | | | | |

|Thinking (Final Report) | | | | |

|Strategy (clear, thoughtful and connects to accounting | | | | |

|principles learned) | | | | |

|Conclusion (thorough, summarized success or failure of the | | | | |

|strategy) | | | | |

|Reflection (reflects on the success or failure of the | | | | |

|strategy and suggests improvements) | | | | |

| | | | | |

|Communication | | | | |

|Grammar and spelling (uses correct grammar and spelling | | | | |

|throughout the report) | | | | |

|Neatness/Professionalism (the report is neat and has | | | | |

|professional appearance | | | | |

................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download