Abstract
Kolb and Fry (1975) discussed the dynamics of learning and suggested the four-stage experiential learning model as "a holistic approach to the learning process." We designed a "simulation experiential learning approach." We integrated a virtual business simulation into an accounting cycle project to incorporate the experiential learning model into a classroom activity. Specifically, students (1) created their business activities in the simulation to develop concrete business experience, (2) observed business operations and applied accounting cycle procedures to record and report these activities, (3) analyzed and evaluated business operations as captured in their accounting records and reports, and (4) used these reports to make informed decisions in their subsequent business activities. Most students considered the project effective and relevant. They found it interesting and were motivated to put forth time and effort to the project. They reported that the project required a broad range of skills. Upon completion of the project, students showed improvement along Anderson and Krathwohl's (2001) factual, conceptual, procedural, and metacognition knowledge dimensions in learning the subject matter.