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Teaching Finance with GoVenture Accounting Simulations

GoVenture Accounting simulations are perfect for allowing students to directly experience accounting.

GoVenture engages students in a personal way by having them run their own businesses while performing accounting functions. This approach is much more effective than basic accounting exercises and case studies that have students read about third-party businesses.

There are three GoVenture simulations that can be used for teaching business financial accounting, managerial accounting, budgeting, and finance — see below.

Financial Accounting and Managerial Accounting

For introductory-level accounting, particularly for non-accounting majors, our ENTREPRENEUR simulation may be the best fit because students make day-by-day decisions while operating a small business. This provides them with a strong foundation to understand the fundamentals and importance of business accounting.

For more advanced accounting and to practice how to use financial data to make better business decisions, our CEO simulation may be the best fit because students focus their efforts on budgeting, resource allocation, market dynamics, and evidence-based decision-making, rather than daily business operations. Our WORLD simulation is similar but an even bigger economic experience.

For forensic or audit accounting, our CEO simulation may provide a useful context for bringing such concepts to life for students.  The simulation experience can be supplemented with an instructor's own case studies and other targeted resources to provide a more holistic experience.

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ENTREPRENEUR

most realistic

The most realistic small business startup and operations simulation in the world.

 

Start with a lemonade stand, level up to a kiosk, food truck, and full business then build a regional franchise from the ground up. Enhanced with microlearning videos and quizzes. Ideal for players of all ages and levels.

Video for Instructors

Product Details ↗

See list of accounting features below

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GoVenture World

CEO

most customizable

The most customizable and versatile business simulation in the world.

 

Management-level strategy simulation ideal for marketing, finance, accounting, MBA, and corporate training. Individual, team, and head-to-head competition options.

Demo Video 

Tutorial Video 

Product Details 

See list of accounting features below

WORLD

most authentic

The most authentic business simulation in the world for gaining real-world business and employment skills.

 

Build a global business empire by collaborating and competing with other virtual entrepreneurs around the world.

Video for Instructors 

Gameplay Video 

Product Details 

See list of accounting features below

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For personal finance accounting, consider GoVenture Life & Money

Accounting Features

Accounting Resources In All GoVenture Business Simulations
 
  • All GoVenture accounting simulations include access to more than 35 accounting videos and a PDF book that explain accounting terminology and principles. Download our free Accounting Cheatsheet.
     

  • All GoVenture accounting simulations generate all common financial statements and reports used in business. These reports can be used as a context for assigning a variety of accounting and finance activities.  Financial reports include:
     

    • Balance Sheet

    • Profit & Loss

    • Cash Flow

    • Inventory

    • General Ledger

    • General Journal.
       

  • Reports in the Entrepreneur and CEO simulations can be hidden so that students have to build their own reports from other data.  


GoVenture ENTREPRENEUR

  • See list of features above.
     

  • Ideal for introductory-level accounting and to enable students to learn and practice the fundamentals of debits, credits, and financial reporting.
     

  • Includes a manual accounting option where every time the business incurs a financial transaction (buying inventory, hiring employees, making sales, etc.) the student is prompted to post the transaction DEBITS and CREDITS, similar to how they would do so in a real accounting system.  Over 10 financial transactions are frequently repeated to make the process familiar and memorable.
     

  • Students also have to make business decisions for product pricing, hiring employees, inventory management, accounts payable, and much more. 

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Manual Accounting in GoVenture Entrepreneur

GoVenture CEO

  • This simulation offers a high-level strategy experience where students compete against each other in the same marketplace to win the same customers. Unlike GoVenture ENTREPRENEUR, this simulation is more focused on budget management and the analysis of market and financial data. Less time is spent on running the business.
     

  • Students manage costing, budgeting, working capital, cash flow, financial statements, and more. Accounting concepts also include:

    • Income Tax

    • Payroll Tax

    • Depreciation & Amortization

    • Accounts Receivable

    • Receivables Aging

    • Bad Debt 
       

  • Includes options for Mergers & Acquisitions and Conglomerates.
     

  • Includes two Excel-based activities where students use data from their simulations to prepare Financial Statements and conduct Ratio Analysis.
     

  • View the full list of accounting features in GoVenture CEO at the bottom of this page.

GoVenture WORLD

 

  • Similar to GoVenture CEO, this simulation offers a high-level strategy experience.
     

  • Unlike GoVenture CEO and ENTREPRENEUR, students in GoVenture WORLD must collaborate to set up supply chains, while also competing in a global business world with other (human) players around the world.
     

  • GoVenture WORLD adds authenticity to the business accounting and finance experience, including:

    • Auto-generation of Purchase Orders and Invoices.

    • Players negotiate payment terms.

    • Shipping routes, costs, and duration.

    • Loan agreements, bonds and stock issues, primary and secondary markets.

    • Accounts Receivable and Aging based on the behavior of human players — for example players can choose not to pay each other or meet product delivery terms. This authentic unpredictability brings accounting to life and triggers higher levels of emotional engagement in students.

We can help you choose the best GoVenture program for your needs —  contact us

CEO Accounting Feature

Full List of Accounting Features in GoVenture CEO

Gameplay

 

Accounting Decisions

This simulation offers a high-level strategy experience that is focused on budget management and the analysis of market and financial data. Students must manage costing, budgeting, working capital, cash flow, financial statements, and more. Students also compete against each other in the same marketplace to win the same customers. 

 

Accounting Videos

More than 35 accounting videos and a PDF book that explain accounting terminology and principles. Download our free Accounting Cheatsheet.

 

Financial Reports

GoVenture CEO includes all common financial statements and reports used in business.  These reports can be used as a context for assigning a variety of accounting and finance activities.  Reports in the simulation can also be hidden so that students have to build their own reports from other data.  Financial reports include: Balance Sheet, Profit & Loss, Cash Flow, Inventory, General Ledger, General Journal.

Spreadsheet-Based Activities

 

Financial Statements Activity

An Excel spreadsheet is available for instructors to assign to students as a supplemental learning activity. The spreadsheet requires a student to build a Balance Sheet and Profit & Loss Statement using the General Ledger of the business played in the GoVenture CEO simulation. 

 

Ratio Analysis Activity

An Excel spreadsheet is available for instructors to assign to students as a supplemental learning activity. The spreadsheet requires a student to build a Balance Sheet and Profit & Loss Statement using numbers from the business played in the GoVenture CEO simulation. The student must then use those numbers to complete a number of financial ratios. 

 

Financial Line Items

 

Income Tax 

Instructors can set a specific Income Tax rate to be applied in the simulation. Income Tax is the percentage of Profit payable to the government. It is deducted from Cash as an expense each period based on the Profit earned in the period. Income Tax paid does not affect the amount of Budget available or how it is calculated (if based on a percentage of Revenue).

 

Payroll Tax  

Instructors can set a specific Payroll Tax rate to be applied in the simulation. Payroll Tax is a percentage of Salary payable to the government. For simplicity, it is included in the Salary expense that is shown in the HR module of the simulation (and set by the instructor). Payroll Tax is displayed as a separate line item in the Profit & Loss Statement, General Journal, and General Ledger. For example, if Salary is 2,000 and Payroll Tax is 10%, the 2,000 Salary includes $181 in Payroll Tax (both the employee and employer portions). 

 

Depreciation & Amortization

Instructors can set a specific rate to be applied in the simulation. Depreciation & Amortization is the reduction in value over time of tangible and intangible assets.  It appears each period as an expense on the Profit & Loss Statement and reduces the value of Property, Plant, and Equipment on the Balance Sheet. 

 

HR Costs Related to Production are Posted as COGS

There are 5 HR categories of employees in GoVenture CEO:  Production, Operations, R&D, Sales & Marketing, and Management.  The Production employees are posted under Cost of Goods Sold.


Accrual Accounting

 

Accrual Accounting

Instructors can change revenue to accrual-basis accounting instead of cash-basis accounting.  This change includes two features:

 

Cash and Accounts Receivable 

Instructors can identify the percentage of REVENUE to be deposited in CASH (paid) in each period and the percentage to be posted to ACCOUNTS RECEIVABLE (A/R unpaid).  Must add up to 100% each period.  Five periods can be set and for simulations that are longer than five periods, the settings will be repeated in order:  1, 2, 3, 4, 5, 1, 2, 3, 4, 5 etc. Note that players do not see these values until they are encountered. Example settings are shown below.

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Accounts Receivable Aging  

Instructors can identify the percentage of ACCOUNTS RECEIVABLE (A/R) that is deposited (paid) to CASH after the period in which it is earned.  An A/R can be aged to a maximum of 3 periods after the period in which it is earned.  

 

Percentages added under BAD DEBT (BD) will never be paid, and after 3 periods will be moved from an A/R asset on the Balance Sheet to a Bad Debt expense on the Profit & Loss Statement. For simulations that are longer than five periods, the settings will be repeated in order: 1, 2, 3, 4, 5, 1, 2, 3, 4, 5, etc. Note that players do not see these values until they are encountered.

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How to read the tables above

In the first table, Period 1, 30% of the Revenue is posted to Accounts Receivable.  In the second table, Period 1, this 30% Revenue is aged as follows:  70% of it will be received in the next period, 20% in the period after that, then 5% in the period after that, and 5% will be posted as Bad Debt.

Mergers & Acquisitions

Allows you to combine the financial results of individual businesses, similar to how businesses might be combined in the real world of business where players running individual businesses must work together and align their strategies.

Conglomerates

Allows you to combine the results of two or more businesses managed by the same Player in different Simulation Competitions. Players can manage separate businesses in different industries (Simulation Competitions) to model multiple product lines, subsidiaries, or lines of business.

We can help you choose the best GoVenture program for your needs —  contact us

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