[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<p#0)+a  
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. COj50t/  
Calculate M’s expected dividends for 2008 if it follows each of the following policies: 11 .RG *  
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. / GJ"##<  
B. It continues the 2007 dividend payout ratio. Vd|5JA}<"  
C. It uses a residual policy with all distributions in the form of dividends. "wxs  
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). 3u7E?*{sH  
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Answer: Xig+[2zS  
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A: long-run growth rate 1(!!EcU_  
3*(1+10%) =3.3 million ^<<( }3  
g=[ F W@z  
B: target payout ratio /,= wP)  
Target payout ratio=3/15=20% y3$' gu|  
Dividend of 2008=18*2%=3.6 million DSy,#yA  
A A<9XC  
C: residual dividend approach @dJ
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Retained earnings=total new investment*(1-debt ratio) eF}Q8]da  
                 =12*(1-40%) .Kq>/6  
                 =7.2 million :H\6wJ  
Residual dividend=18-7.2=10.8 million _hMVv&$  
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D: regular-dividend-plus-extra dividend approach (according to the residual policy) S_6`.@B}  
Regular dividend=3*(1+10%) =3.3 million CQ"IL;y  
Extra dividend=residual dividend –regular dividend 42Vy#t/HC  
              =10.8-3.3 OV>T}Fq  
              =7.5 million XT= #+  
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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 $18.560. & HphE2 h  
A. Calculate the direct material price variance for July. Indicate whether it is favorable  (F) or unfavorable (U) and who is generally responsible for this variance. ,h5.Si>  
B. Calculate the direct material quantity variance for July. Indicate whether it is favorable (F) or unfavorable (U) and who is generally responsible for this variance. /43DR;4  
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). p0$K.f| ^  
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Answer: !U,qr0h  
Notes: @OFl^
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Actual price=18560/3200=$5.8/unit <W/-[ M  
Actual quantity materials per unit=3200/2000=1.6 kg/unit *xU^e`P  
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1).Standard quantity * standard price=standard total cost KzeA+PI  
(1.5*2000)      *   6        =$18000 vo uQ.utl  
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials %MbjKw  
（3200-3000）                *  6         =$1200 MJV&%E6{:{  
3)Actual quantity * （actual price- standard price）= Price variance of direct materials :'Imz  
3200         * (5.8 – 6)                    =$640 D}cq_|mmn[  
4)actual quantity *actual price =actual total cost <s+=v!  
3200        * 5.8       =$18560 Zi@?g IiX  
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A：Price variance of direct materials=（actual price-standard price）*actual quantity { j&|Em]  
                             = (5.8-6)*3200 qg:1  
                             = $640  【F】 ?*, N ?s(U  
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. ^bL.|vB  
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B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price SY<!-g<1F  
                                  = (3200-3000)*6 StP6G ]x  
                                  =$1200   【U】 kZ`60X%w
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Efficiency variance of $1200 【U】 due to the higher quantity of materials per unit of 1.6 kg/unit than the standard level of 1.5 kg/unit. HQ@X"y n  
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C：Total variance of direct materials=actual costs- standard cost Gk799SDL  
                              =18560-18000 (sJ{27b_  
                              =560  【U】 r]BB$^@@V  
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谁来翻译一下