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The emphasis of student involvement and meaningful engagement fit in the learner-centered education model have created a new paradigm in an effort to create a more engaging learning environment. This paper examines the success of using different simulation methods in creating a virtual market to teach business processes in the accounting information systems course. Specifically, this paper details the use of virtual world simulation using Second Life TM , Blackboard TM discussion board, and face to face to test the relationship among students’ perception of realism, computer efficacy, and student learning. Results indicate that non-face to face simulations contributes to better learning experiences in the virtual market, and student computer efficacy is a key factor in the success of virtual market simulation.