COnstruction INdustry Simulation (COINS): Use as a Construction Accounting Training Tool

In the construction industry, construction accounting is a form a project accounting that is used to monitor the cost of a construction project, which involves charging construction costs to the applicable contract. Construction accounting requires the utilization of revenue recognition rules for construction contracts in progress. As there is a need for continued training for employees in the construction industry, the faculty at California Polytechnic State University, San Luis Obispo developed the construction industry simulation (COINS) to assist in training students in the management of a construction company managing multiple projects simultaneously. It was designed to assist students better understand the construction accounting processes, construction cost management systems, job costs and job cost reporting, the WIP, and the most important elements of a contractor’s financial statements. COINS engages students in the decision making of the heavy civil construction and commercial building sector. This simulation has been used in the classroom and now is just available to construction firms to use with personnel. This paper describes the development and use of COINS simulation designed and developed to educate future and existing construction management personnel.