[知识整理]2008财务成本管理英语加试题答案 [复制链接]

六、英语附加题（本题型共2题，每题5分，共10分。要求用英文解答，列出计算步骤，每步骤运算得数精确到小数点后两位。在答题卷上解答，答案写在试题卷上无效。） Nk`UQ~g$  
1、In 2007,M Corporation paid dividends totaling ＄3 million on net income of ＄15 million.2007 was a normal year, and for the past five years, earnings have grown at a constant rate of 10 percent. However,earnings are expected to jump to ＄18 million in 2008,and the firm expects to have ＄12 million investment opportunities in 2009.It is predicted that M will not be able to maintain the 2008 level of earnings growth in the future----the high 2008 earnings level is attributable to an exceptionally profitable new product line introduced in that year----and the company will return to its previous 10 percent growth rate. M’s target debt ratio is 40 percent in 2007, which will be continued in the future. [m t.2.  
Calculate M’s expected dividends for 2008 if it follows each of the following policies: f-=\qSo  
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. m7 =$*1k  
B. It continues the 2007 dividend payout ratio. iTVe8eI  
C. It uses a residual policy with all distributions in the form of dividends. `&$8/_`  
D. It employs a regular-dividend-plus-extras policy, with the regular dividend being based on the long-run growth rate and the extra dividend being set according to the residual policy(Indicate the regular dividend and the extra dividend separately). ;SR ESW  
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Answer: THA9OXP   
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A: long-run growth rate 1 SQATUV  
3*(1+10%) =3.3 million  6K $mW  
8s%/5v"  
B: target payout ratio X|M!Nt0'  
Target payout ratio=3/15=20% o_b[
*  
Dividend of 2008=18*2%=3.6 million KaGUpHw  
5sD,gZ7  
C: residual dividend approach "(koR Q  
Retained earnings=total new investment*(1-debt ratio) "q4tvcK.  
                 =12*(1-40%) )M*w\'M  
                 =7.2 million 0P^h6Vat  
Residual dividend=18-7.2=10.8 million 73WSW/^F  
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D: regular-dividend-plus-extra dividend approach (according to the residual policy) X>%nzY]m  
Regular dividend=3*(1+10%) =3.3 million -wlj;U  
Extra dividend=residual dividend –regular dividend r );R/)&  
              =10.8-3.3 `sxf
j)s  
              =7.5 million *
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2. N Company manufactures a kind of product used throughout the machinery industry. The standard price of the materials for the products is $6 per kilogram; the standard quantity of materials allowed per unit is 1.5 kilograms. During July, 2,000 units of the products were finished, for which 3,200 kilograms of materials were used at a total direct material cost of $18.560. NzRvbj]  
A. Calculate the direct material price variance for July. Indicate whether it is favorable  (F) or unfavorable (U) and who is generally responsible for this variance. Ycm)PU["  
B. Calculate the direct material quantity variance for July. Indicate whether it is favorable (F) or unfavorable (U) and who is generally responsible for this variance. fGgt[f[  
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). R{hX--|j  
L\yVE J9x  
Answer: gU9{~-9}  
Notes: 0oe<= L]F  
Actual price=18560/3200=$5.8/unit _Fb}zPU!  
Actual quantity materials per unit=3200/2000=1.6 kg/unit _MBa&XEM  
 i
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1).Standard quantity * standard price=standard total cost @0`A!5h?u  
(1.5*2000)      *   6        =$18000 $o6/dEKQ  
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials Vla,avON  
（3200-3000）                *  6         =$1200 k<1yv$/mW  
3)Actual quantity * （actual price- standard price）= Price variance of direct materials <QtZ6-;_f  
3200         * (5.8 – 6)                    =$640 ]!UYl  
4)actual quantity *actual price =actual total cost H/8^Fvd  
3200        * 5.8       =$18560 h@)U,&  
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y)f.ON36I  
A：Price variance of direct materials=（actual price-standard price）*actual quantity myx/|-V"F  
                             = (5.8-6)*3200 t@RYJmW  
                             = $640  【F】 ,RP-)j"Wff  
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. `s}*  
a"~o'W7  
B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price (5a73%>@  
                                  = (3200-3000)*6 mDD.D3RS  
                                  =$1200   【U】 ~KK9aV{  
e~h>b.~  
Efficiency variance of $1200 【U】 due to the higher quantity of materials per unit of 1.6 kg/unit than the standard level of 1.5 kg/unit. 91 jRIB  
U~ {k_'-i  
K/4@2vF  
C：Total variance of direct materials=actual costs- standard cost :,BAw ,  
                              =18560-18000 p_r`"  
                              =560  【U】 r)(5,*v  
=j]y ?;7q  

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