21 May Written Assignment
Phil and Jim were roommates in college and have always competed against each other. Since graduating from college, both men were hired at the same company. The company pays bonuses at the end of year based on performance, which also includes a weekend on their boss’s yacht. Two years in a row Phil managed to surpass Jim’s performance. This year, Jim is determined to get the highest bonus. Imagine you are the accountant and knowing that these two men are rivals, answer the following questions in 2 pages
1. Compare and contrast job order and process costing.
2. Determine which costing method would make it easier to detect budget variances or discrepancies.
3. Identify the steps in the budget process most susceptible to manipulation. Discuss at least two steps where budget discrepancies would be difficult to detect by managers.
4. Propose the goals that should be measured on the corporate score card to ensure that bonuses are paid to the manager making the greatest financial contribution.
5. Based on the year end performance results and the manager’ contribution to operating income and contribution margin (see attachment), determine which manager met his/her goals. (Provide calculations on an EXCEL spreadsheet).
6. Use appropriate spelling, grammar, and citations.
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