[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。） >l b9j>  
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. c;,-I  
Calculate M’s expected dividends for 2008 if it follows each of the following policies: sB*!Nf^y  
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. mhMTn*9  
B. It continues the 2007 dividend payout ratio. *&z!y/  
C. It uses a residual policy with all distributions in the form of dividends. \Ez&?yb/  
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). U UhlKV|5  
 6o 1[fr  
sk5B} -  
Answer: K1=j7  
Jz]OWb *  
A: long-run growth rate o?d`o$  
3*(1+10%) =3.3 million x9o(q`N  
!<<wI'8  
B: target payout ratio Y 8-;eqH  
Target payout ratio=3/15=20% _n0NE0  
Dividend of 2008=18*2%=3.6 million K}
DrJ
/s  
b%h.>ij?  
C: residual dividend approach R_=fH\c;  
Retained earnings=total new investment*(1-debt ratio) SAU` u]E  
                 =12*(1-40%) w0O(>  
                 =7.2 million q>6RO2,  
Residual dividend=18-7.2=10.8 million $T_>WUiK  
sD9OV6^{?K  
D: regular-dividend-plus-extra dividend approach (according to the residual policy) <OrQbrWQa  
Regular dividend=3*(1+10%) =3.3 million A>frf[fAW  
Extra dividend=residual dividend –regular dividend \D-X _.v  
              =10.8-3.3 T5-Yqz  
              =7.5 million ~ %Ij5PD  
QJ%N80  
ba)hWtenH  
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. n0)y|B#  
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. }((P)\s
  
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. oz%{D@CF  
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). M}`T-"
qf  
W!|l_/L'   
Answer: wjTW{Bg~G  
Notes: (ylZ[M&B:  
Actual price=18560/3200=$5.8/unit lpjby[S  
Actual quantity materials per unit=3200/2000=1.6 kg/unit 94?/Rhs5  
"$3~):o  
1).Standard quantity * standard price=standard total cost _z\qtl~3  
(1.5*2000)      *   6        =$18000 @cQ |`  
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials !FQS9SoO9  
（3200-3000）                *  6         =$1200 ~ymSsoD^  
3)Actual quantity * （actual price- standard price）= Price variance of direct materials O4!!*0(+91  
3200         * (5.8 – 6)                    =$640 ?z3|^oU~d  
4)actual quantity *actual price =actual total cost yQq|!'MKk  
3200        * 5.8       =$18560 2gW+&5;4  
ItE)h[86  
bRJ]avR  
A：Price variance of direct materials=（actual price-standard price）*actual quantity U%KgLg#  
                             = (5.8-6)*3200 xv7nChB  
                             = $640  【F】 A{wk$`vH
  
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. 0IQ|`C.  
`a8& 7J(  
B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price b~?3HY:t~K  
                                  = (3200-3000)*6 i x_a  
                                  =$1200   【U】 zX8{
(  
+WvW#wpH  
Efficiency variance of $1200 【U】 due to the higher quantity of materials per unit of 1.6 kg/unit than the standard level of 1.5 kg/unit. }7i}dyQv}  
b{,vZhP-  
F~3 &@TWi  
C：Total variance of direct materials=actual costs- standard cost kZQ$Iv+^(  
                              =18560-18000 n*hRlL
  
                              =560  【U】 h: zi
8;(  
YVO~ 0bX:  

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