[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。） ma7fDo0,`h  
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. ~_}4jnC  
Calculate M’s expected dividends for 2008 if it follows each of the following policies: 2k3 z'RLG  
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. apaI J+^[  
B. It continues the 2007 dividend payout ratio. x<Se>+  
C. It uses a residual policy with all distributions in the form of dividends. |Qu_E  
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). AijUs*n 2  
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Answer: hgj0tIi/  
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A: long-run growth rate oUS,+e  
3*(1+10%) =3.3 million .jum "va%  

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B: target payout ratio 36i_D6  
Target payout ratio=3/15=20% B'/Icg.T  
Dividend of 2008=18*2%=3.6 million u ~)%tL  
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C: residual dividend approach K-
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Retained earnings=total new investment*(1-debt ratio) n +dJc  
                 =12*(1-40%) w#d}TY  
                 =7.2 million | /#'S&!U  
Residual dividend=18-7.2=10.8 million r1hD %a  
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D: regular-dividend-plus-extra dividend approach (according to the residual policy) KF4s ee;;  
Regular dividend=3*(1+10%) =3.3 million Hc /wta  
Extra dividend=residual dividend –regular dividend g$gVm:=  
              =10.8-3.3 K*[0dza$  
              =7.5 million I tgH>L'  
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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. PoY>5  
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. "9u-lcQ\  
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. t*rp3BIG  
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). Obg@YIwn  
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Answer: :X|AW?*  
Notes: V!}L<cN  
Actual price=18560/3200=$5.8/unit _AAx )  
Actual quantity materials per unit=3200/2000=1.6 kg/unit @p"NJx"  
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1).Standard quantity * standard price=standard total cost 7~lB} $L  
(1.5*2000)      *   6        =$18000 {!g?d<*  
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials yvS^2+jW  
（3200-3000）                *  6         =$1200 &F86SrsI  
3)Actual quantity * （actual price- standard price）= Price variance of direct materials ZG!x$yi$  
3200         * (5.8 – 6)                    =$640 w8U2y/:>  
4)actual quantity *actual price =actual total cost r8<JX5zyuo  
3200        * 5.8       =$18560 6 WCmp,*  
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A：Price variance of direct materials=（actual price-standard price）*actual quantity 6O%=G3I
 
                             = (5.8-6)*3200 2;O  c^  
                             = $640  【F】 wiKCr/  
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. -aA<.+  
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B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price enWF7`  
                                  = (3200-3000)*6 ?TRW"%  
                                  =$1200   【U】 Lq3(Z%  
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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. [6o
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C：Total variance of direct materials=actual costs- standard cost Xk 5oybDI  
                              =18560-18000 d|R
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                              =560  【U】 fdg[{T4:  
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