This paper discusses some of the shortcomings of the business case method of undergraduate and graduate business education and examines the merits of a multimedia software system that is designed to teach topics and skills in financial accounting. It argues that the traditional case-based approach provides only limited assistance to students as they are reviewing cases, limits student feedback and comes long after the student performs his or her analysis, depends on the availability of a qualified instructor to evaluate student knowledge, fails to provide step-by-step solutions to case problems, and provides little motivation to students. The paper then presents the Financial Report Analyst (FRA) multimedia software system that uses goal-based scenarios to provide a learning-by-doing environment. FRA places students in specific problem-solving roles in realistic scenarios and provides intelligent coaching as the task is performed. The paper then describes the use of FRA in detail, demonstrating how the system overcomes the shortcomings of traditional business education methods. (Contains 33 references.) (MDM)