[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。） Pbbi*&i  
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. UxB3/!<5g3  
Calculate M’s expected dividends for 2008 if it follows each of the following policies: nF]E":  
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. /ho7~C+H*e  
B. It continues the 2007 dividend payout ratio. \;_tXb}F  
C. It uses a residual policy with all distributions in the form of dividends. Ki:t!vAO  
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). I  m-M2n  
%j@/Tx/  
z^*g2J,  
Answer: dm _Pz\*  
Ui"$A/  
A: long-run growth rate n>B ,O  
3*(1+10%) =3.3 million .K-d
 
1NZp
d'$c  
B: target payout ratio EJz!#f~  
Target payout ratio=3/15=20% +>eX1WoTy  
Dividend of 2008=18*2%=3.6 million /Dc54Un  
)gU:Up24|"  
C: residual dividend approach /EQ^-4yr  
Retained earnings=total new investment*(1-debt ratio) gkTwGI+w  
                 =12*(1-40%) ;H8`^;  
                 =7.2 million RWu< dY#ym  
Residual dividend=18-7.2=10.8 million {C?$osrr  
Nk%$;
Si  
D: regular-dividend-plus-extra dividend approach (according to the residual policy) ldU ><xc2  
Regular dividend=3*(1+10%) =3.3 million `'r~3kP*NT  
Extra dividend=residual dividend –regular dividend n]3'N58  
              =10.8-3.3 Jb9@U/<\  
              =7.5 million KCbOO8cQS  
L{;Q6_ m  
;){ZM,Ox  
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. 3qu?q D  
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. 4/\Ynb.L  
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. o[JZ>nm  
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). c>c4IQ&d  
gyy}-^`F  
Answer: Xg
USJ*  
Notes: dKXzFyW  
Actual price=18560/3200=$5.8/unit FB,rQ9D  
Actual quantity materials per unit=3200/2000=1.6 kg/unit pcOKC0b.  
*yZta:(w-W  
1).Standard quantity * standard price=standard total cost c;t3I},  
(1.5*2000)      *   6        =$18000 #ax% n  
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials )B-[Q#*A-  
（3200-3000）                *  6         =$1200 2RqV\Ji
k  
3)Actual quantity * （actual price- standard price）= Price variance of direct materials Ln+.$ C  
3200         * (5.8 – 6)                    =$640 RxPD44jVA  
4)actual quantity *actual price =actual total cost 6v}q @z  
3200        * 5.8       =$18560 p}I\H ^"8+  
xf8e"mD  
 JAMV@  
A：Price variance of direct materials=（actual price-standard price）*actual quantity Xfb-< Q0A  
                             = (5.8-6)*3200 JX>`N5s  
                             = $640  【F】 .W;cz8te  
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. m,6u+Z,  
%/nDG9l  
B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price (VCJn<@@  
                                  = (3200-3000)*6 nnu#rtvZp}  
                                  =$1200   【U】 *U\`HUW  
A'u]z\&%c  
Efficiency variance of $1200 【U】 due to the higher quantity of materials per unit of 1.6 kg/unit than the standard level of 1.5 kg/unit. XfIsf9  
F$|d#ny  
FL$S_JAw  
C：Total variance of direct materials=actual costs- standard cost d}?KPJ{  
                              =18560-18000 =kOo(  
                              =560  【U】 !w!k0z]  
bq5we*"V  

谁来翻译一下