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 accounting, managerial accounting, budgeting, and finance:

GoVenture Entrepreneur

ENTREPRENEUR

 

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.

GoVenture CEO

CEO

 

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

GoVenture World

WORLD

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

For personal finance accounting, consider GoVenture Life & Money

Accounting Features

Accounting Resources
 
  • 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

  • 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. 

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 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

 

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.

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.

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.

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