[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。） (n`\b47  
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. Ix *KL=MG  
Calculate M’s expected dividends for 2008 if it follows each of the following policies: 2>EIDRLJ-  
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. s?`)[K'-  
B. It continues the 2007 dividend payout ratio. t?0=;.D  
C. It uses a residual policy with all distributions in the form of dividends. UBU(@T(  
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). gdT^QM:y4$  
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Answer: 6@I7UL >  

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A: long-run growth rate yTDoS|B+)  
3*(1+10%) =3.3 million Y7{|EI+@  
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B: target payout ratio )>[(HxvfJU  
Target payout ratio=3/15=20% % ^5$=w  
Dividend of 2008=18*2%=3.6 million 2l!"OiB.P  
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C: residual dividend approach huq6rA/i  
Retained earnings=total new investment*(1-debt ratio) \2+xMv)8  
                 =12*(1-40%) r+lY9l  
                 =7.2 million olYSr .Q`  
Residual dividend=18-7.2=10.8 million uY;/3?k&  
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D: regular-dividend-plus-extra dividend approach (according to the residual policy) M"_XaVl  
Regular dividend=3*(1+10%) =3.3 million /60[T@Mz  
Extra dividend=residual dividend –regular dividend =x^I 5Pn  
              =10.8-3.3 !t_,x=  
              =7.5 million {T^'&W>8G8  
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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. #|CG %w  
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. w"BTu-I  
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. )5&m:R9  
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). C>MoR3]  
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Answer:
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Notes: pGcc6q1  
Actual price=18560/3200=$5.8/unit &U,f~KJ  
Actual quantity materials per unit=3200/2000=1.6 kg/unit J%A`M\  
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1).Standard quantity * standard price=standard total cost ag+ML1#)  
(1.5*2000)      *   6        =$18000 rxz3Mqg  
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials 57j:Lw~   
（3200-3000）                *  6         =$1200 '&9a%  
3)Actual quantity * （actual price- standard price）= Price variance of direct materials PIrUls0}  
3200         * (5.8 – 6)                    =$640 K8+b\k4E  
4)actual quantity *actual price =actual total cost b\+|g9Tm  
3200        * 5.8       =$18560 pIrAGA;  
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A：Price variance of direct materials=（actual price-standard price）*actual quantity YVaQ3o|!  
                             = (5.8-6)*3200 .*f;v4!  
                             = $640  【F】 u+R?N% EKP  
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. L.Lt9W2fi  
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B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price P0Jd6"sS"  
                                  = (3200-3000)*6 ~
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                                  =$1200   【U】 R utW{wh  
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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. Mu(Y6  
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C：Total variance of direct materials=actual costs- standard cost 'LOqGpmVc  
                              =18560-18000 C0fA3y72
 
                              =560  【U】 I/>IB  
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