[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。） K/(QR_@?  
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. 7'At_oG  
Calculate M’s expected dividends for 2008 if it follows each of the following policies: x44V 9-o  
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. 0i5S=
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B. It continues the 2007 dividend payout ratio. EhKG"Lb+  
C. It uses a residual policy with all distributions in the form of dividends. w)&4i$Lk6  
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). "3
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Answer: wQ/.3V[  
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A: long-run growth rate FzSL[S4i  
3*(1+10%) =3.3 million TC2%n\ GH*  
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B: target payout ratio Xe:rPxZf~  
Target payout ratio=3/15=20% b)
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Dividend of 2008=18*2%=3.6 million MGK?FJn_?  
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C: residual dividend approach Kwm_Y5`A
 
Retained earnings=total new investment*(1-debt ratio) O> _ F   
                 =12*(1-40%) @@-TW`G7  
                 =7.2 million __+8wC  
Residual dividend=18-7.2=10.8 million *:+ZEFMq  
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D: regular-dividend-plus-extra dividend approach (according to the residual policy) vgDpo@fz8  
Regular dividend=3*(1+10%) =3.3 million >hSu1s:  
Extra dividend=residual dividend –regular dividend rtbV*@Z  
              =10.8-3.3 r9!s@n  
              =7.5 million }/\`'LQ  
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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. S[hyN7sI  
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. Z5F#r>>`  
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. V )UtU L  
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). x)N QRd  

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Answer: 2"shB(:z>  
Notes: O0 Uh  
Actual price=18560/3200=$5.8/unit ZNDi;6e  
Actual quantity materials per unit=3200/2000=1.6 kg/unit O&y`:#  
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1).Standard quantity * standard price=standard total cost T%FW|jKw  
(1.5*2000)      *   6        =$18000 sSwY!";  
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials g)ZMU^1  
（3200-3000）                *  6         =$1200 An`*![  
3)Actual quantity * （actual price- standard price）= Price variance of direct materials .#iot(g  
3200         * (5.8 – 6)                    =$640 d-m.aP)y:  
4)actual quantity *actual price =actual total cost ^A=tk!C  
3200        * 5.8       =$18560 XjP;O,x  
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A：Price variance of direct materials=（actual price-standard price）*actual quantity B/;'D7i|S  
                             = (5.8-6)*3200 W#^.
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                             = $640  【F】 Rrl  
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. X6(s][Wn  
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B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price l1O"hd'~s  
                                  = (3200-3000)*6 );
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                                  =$1200   【U】 $)X8'1%6  
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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. xYW&Mfka  
$?k]KD  
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C：Total variance of direct materials=actual costs- standard cost u,d5/`E  
                              =18560-18000 &dK !+  
                              =560  【U】 u-:3C<&>  
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