The purpose of this study is to investigate the perceived effectiveness of game-based learning methods for Generation Z undergraduates. This research aims to determine the perceptions of accounting students undertaking a financial accounting course and subsequently examine the factors influencing the effectiveness of game-based learning of accounting course. A questionnaire is used to measure the perception of game-based learning after the students completed the game-based learning method. Based on the analysis, we find that majority of the students perceived game-based learning as an effective method of instruction.They agree that game-based learning motivates them to do better and at the same time encourages critical thinking and teamwork. We also find that factors such as gender and number of times taking the course are not statistically significant in explaining the difference in the perception. Besides, we also find that there is a significant relationship between perception and examination scores of the students. The findings of this study provide valuable insights for educators, especially on the learner’s learning perception and factors influencing the effectiveness of game-based learning.