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[知识整理]2008财务成本管理英语加试题答案 [复制链接]

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离线connie
 

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只看楼主 正序阅读 使用道具 0楼 发表于: 2009-02-03
— 本帖被 阿文哥 从 财务管理 移动到本区(2012-07-03) —
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。) q1UBKhpnH  
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. 9#u}^t  
Calculate M’s expected dividends for 2008 if it follows each of the following policies: lNHNL a>W  
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. Z%Vr+)!4  
B. It continues the 2007 dividend payout ratio. =]T|h  
C. It uses a residual policy with all distributions in the form of dividends. =h(7rU"Yz  
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). #De(*&y2  
^Ss<X}es-  
1x { XE*%;  
Answer: V R"8 Di&)  
/;DjJpwf0  
A: long-run growth rate :#Ty^-"]1  
3*(1+10%) =3.3 million 8AryIgy >@  
B jYOfu'~z  
B: target payout ratio [4Y[?)7  
Target payout ratio=3/15=20% NNgK:YibD  
Dividend of 2008=18*2%=3.6 million .XI r?>G  
NP "ylMr7P  
C: residual dividend approach [ qiOd!  
Retained earnings=total new investment*(1-debt ratio) .M8=^,h^K  
                 =12*(1-40%) @2u#93Y  
                 =7.2 million B n{)|&;  
Residual dividend=18-7.2=10.8 million ^ZR8s^X  
D 0  
D: regular-dividend-plus-extra dividend approach (according to the residual policy) RXM}hqeG  
Regular dividend=3*(1+10%) =3.3 million \OP9_J(*  
Extra dividend=residual dividend –regular dividend A hR0zg  
              =10.8-3.3 bCzdszvg3  
              =7.5 million q=njKC  
X\kjAMuW/*  
ANotUty;y  
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. F, zG;_  
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. /0 _zXQyV  
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. +SyUWoM  
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). s *f1x N<  
# J]~  
Answer: GJvp{U}y9I  
Notes: 5. dl>,  
Actual price=18560/3200=$5.8/unit Gh'X.?3   
Actual quantity materials per unit=3200/2000=1.6 kg/unit B7|c`7x(  
of= ql  
1).Standard quantity * standard price=standard total cost X CzXS.  
(1.5*2000)      *   6        =$18000 :Z[(A"dA  
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials )&Mq,@  
(3200-3000)                *  6         =$1200 [$;,Ua-mt  
3)Actual quantity * (actual price- standard price)= Price variance of direct materials J)#S-ZB+'k  
3200         * (5.8 – 6)                    =$640 nW11wtiO.  
4)actual quantity *actual price =actual total cost LaclC]yLU  
3200        * 5.8       =$18560 w [L&*  
hD*(AJ  
x df?nt  
A:Price variance of direct materials=(actual price-standard price)*actual quantity '=p?  
                             = (5.8-6)*3200 Si]X rub  
                             = $640  【F】 z<i,D08|d  
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. #v+;:  
5~QT g  
B:Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price \ZsP]};*  
                                  = (3200-3000)*6 eKyqU9  
                                  =$1200   【U】 ^iuo^2+  
fQO ""qh  
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. QAi1,+y]7w  
$C$ub&D ~"  
a>w~FUm*  
C:Total variance of direct materials=actual costs- standard cost  jC4O`  
                              =18560-18000 ]=|P<F   
                              =560  【U】 e+{BJN vz  
n_}aZB3;U  
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离线木兆木兆
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只看该作者 1楼 发表于: 2010-09-06
谁来翻译一下
没有过不去的火焰山
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