[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。） ` >[Offhd  
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. ZMGC@4^F  
Calculate M’s expected dividends for 2008 if it follows each of the following policies: #6@4c5{2=4  
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. L[tq@[(IJ  
B. It continues the 2007 dividend payout ratio. Bhk@0\a  
C. It uses a residual policy with all distributions in the form of dividends. t'[`"pp=  
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). Y%^qt]u.8  
5%"sv+iO  
BBa!le9P  
Answer: d "25e"(~F  
AbIYdFXB  
A: long-run growth rate KM/c^a4V  
3*(1+10%) =3.3 million : kvQ3E0  
NUh+ &M  
B: target payout ratio 814cCrr,o  
Target payout ratio=3/15=20% #9t3<H[  
Dividend of 2008=18*2%=3.6 million GYtp%<<9;  
Bz? (?fyd  
C: residual dividend approach U% OlYP$g  
Retained earnings=total new investment*(1-debt ratio) {Rq5=/b  
                 =12*(1-40%) cToT_Mk  
                 =7.2 million ~^l;~&

  
Residual dividend=18-7.2=10.8 million hVh,\d&2t  
?8YbTn1f)  
D: regular-dividend-plus-extra dividend approach (according to the residual policy) L,
sFwOWY  
Regular dividend=3*(1+10%) =3.3 million ;N!opg))d<  
Extra dividend=residual dividend –regular dividend E.G]T#wt0  
              =10.8-3.3 <sG}[:v  
              =7.5 million g/gaPc
*86  
bJ]blnH  

n( zzH
  
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. QObHW[:F  
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. M=4`^.Ocm  
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. q-qz-cR  
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). tk+4noA  
H__'K/nH+  
Answer: %IIo  
Notes: D&1(qi=x&  
Actual price=18560/3200=$5.8/unit ?@7Reh\  
Actual quantity materials per unit=3200/2000=1.6 kg/unit T3PwM2em_`  
n$<n Yr`X  
1).Standard quantity * standard price=standard total cost .f`KP!p.  
(1.5*2000)      *   6        =$18000 *hh iIiog+  
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials mpD[k9`x#  
（3200-3000）                *  6         =$1200 cC9 haxW  
3)Actual quantity * （actual price- standard price）= Price variance of direct materials Gm=e;X;r  
3200         * (5.8 – 6)                    =$640 ;<#=|eD2  
4)actual quantity *actual price =actual total cost 9JO1O:W  
3200        * 5.8       =$18560 |OIU)53A-  
4ULdf|oP"  
[X ]XH  
A：Price variance of direct materials=（actual price-standard price）*actual quantity l_pf9!z  
                             = (5.8-6)*3200 YwZ]J  
                             = $640  【F】 ~-'-<-  
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. s?PB ]Tr
 
D[`~=y(  
B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price vJe c+a  
                                  = (3200-3000)*6 } wx(P3BHD  
                                  =$1200   【U】 )\J~KB4  
f& Vx`oj  
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. oG c9 6B%  
eQ<GNvm  
nGxG!  
C：Total variance of direct materials=actual costs- standard cost b1yS1i D  
                              =18560-18000  Kxi@"<`S  
                              =560  【U】 -_bDbYL  
Fi# 9L  

谁来翻译一下