[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。） B-mowmJ3dg  
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. % AgUUn&k  
Calculate M’s expected dividends for 2008 if it follows each of the following policies: 9tnD=A<PS  
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. $pz/?>!  
B. It continues the 2007 dividend payout ratio. [N'h%1]\  
C. It uses a residual policy with all distributions in the form of dividends. C_Wc5{  
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). wgA_38To  
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Answer: phz&zlD  
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A: long-run growth rate 4&iCht =  
3*(1+10%) =3.3 million "gwSJ~:ds  
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B: target payout ratio Qg/rRiV  
Target payout ratio=3/15=20% E(|>Ddv B&  
Dividend of 2008=18*2%=3.6 million 2t,zLwBdnJ  
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C: residual dividend approach q cno^8R  
Retained earnings=total new investment*(1-debt ratio) i@'dH3-kO  
                 =12*(1-40%) T8NxJmYqB  
                 =7.2 million >R=|Wo`Ri  
Residual dividend=18-7.2=10.8 million 
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D: regular-dividend-plus-extra dividend approach (according to the residual policy) % u6Sr5A[s  
Regular dividend=3*(1+10%) =3.3 million {GUF;V ^  
Extra dividend=residual dividend –regular dividend Y9|!+,  
              =10.8-3.3 V43H/hl  
              =7.5 million hv+zGID7  
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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. =R\]=cRbg  
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. Xm&L BX  
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. +/\6=). \  
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). i6N',&jFU  
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Answer: QSj]Z A  
Notes: 9!tW.p K5  
Actual price=18560/3200=$5.8/unit WPDyu .QD  
Actual quantity materials per unit=3200/2000=1.6 kg/unit ^C%<l(b  
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1).Standard quantity * standard price=standard total cost E)3NxmM#  
(1.5*2000)      *   6        =$18000 i?;Kq~,  
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials ?1".;foZ  
（3200-3000）                *  6         =$1200 q'
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3)Actual quantity * （actual price- standard price）= Price variance of direct materials Wez5N  
3200         * (5.8 – 6)                    =$640 H']+L~j  
4)actual quantity *actual price =actual total cost LHmZxi?  
3200        * 5.8       =$18560 *$*ce|V5  
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A：Price variance of direct materials=（actual price-standard price）*actual quantity "ITIhnE  
                             = (5.8-6)*3200 y_9Ds>p!T  
                             = $640  【F】 )CyS#j#=  
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. Er[A X.3  
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B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price MY/}-*|  
                                  = (3200-3000)*6 bN88ua}k{  
                                  =$1200   【U】 3ANQaUC  
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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. &~w}_Fjk  
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C：Total variance of direct materials=actual costs- standard cost Cls%M5
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                              =18560-18000 WN<zkM~3  
                              =560  【U】 RrgGEx  
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