[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。） `[_p,,}Ir  
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. (I1^nrDP.  
Calculate M’s expected dividends for 2008 if it follows each of the following policies: @GQtyl;q  
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. AY9#{c>X  
B. It continues the 2007 dividend payout ratio. |gGD3H  
C. It uses a residual policy with all distributions in the form of dividends. )o::~ eu  
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). Fcn@j#[J  
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Answer: cdL0<J b,  
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A: long-run growth rate 2.a{,d  
3*(1+10%) =3.3 million yW}x  
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B: target payout ratio %W2 o`W$  
Target payout ratio=3/15=20% w (odgD  
Dividend of 2008=18*2%=3.6 million 2d OUY $4  
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C: residual dividend approach c#fSt}J>C  
Retained earnings=total new investment*(1-debt ratio) H ;HFen|  
                 =12*(1-40%) A( JgAV1{  
                 =7.2 million NQd0$q  
Residual dividend=18-7.2=10.8 million 8/|1FI  
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D: regular-dividend-plus-extra dividend approach (according to the residual policy) .7Itbp6=R  
Regular dividend=3*(1+10%) =3.3 million 1=jwJv.^/  
Extra dividend=residual dividend –regular dividend 3`njQvI\  
              =10.8-3.3 ;Z&w"oSJ  
              =7.5 million +'9xTd  
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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. 2 3A )^j  
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. %cq8%RT  
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. 1(a+|  
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). kl5Y{![/&f  
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Answer: P#2#i]-  
Notes: ~=Fp0l)#  
Actual price=18560/3200=$5.8/unit Q2t>E(S  
Actual quantity materials per unit=3200/2000=1.6 kg/unit XpP}(A@G  
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1).Standard quantity * standard price=standard total cost 'R n\CMTH  
(1.5*2000)      *   6        =$18000 3hR3)(+1  
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials >6z7.d  
（3200-3000）                *  6         =$1200 \'P79=AU  
3)Actual quantity * （actual price- standard price）= Price variance of direct materials q{Gf@  
3200         * (5.8 – 6)                    =$640 ue!wo-|#G  
4)actual quantity *actual price =actual total cost CN#2-[T  
3200        * 5.8       =$18560 EvDg{M}  
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A：Price variance of direct materials=（actual price-standard price）*actual quantity Z}r9jM  
                             = (5.8-6)*3200 I oC}0C7  
                             = $640  【F】 X
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Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. ;-{'d8  
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B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price m)xz_Plc  
                                  = (3200-3000)*6 M_#^zo "x  
                                  =$1200   【U】 20BU;D3  
2!6
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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. /cZ-+cu  
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C：Total variance of direct materials=actual costs- standard cost K]Z];C#)  
                              =18560-18000 1(m[L=H5>  
                              =560  【U】 `&o>7a;  
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