[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。） #Y [H8TW  
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. w1B<0'#  
Calculate M’s expected dividends for 2008 if it follows each of the following policies: ~SVQ;U)-  
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. =LZ>su  
B. It continues the 2007 dividend payout ratio. # bX~=`  
C. It uses a residual policy with all distributions in the form of dividends. ccO aCr  
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). Q?;C4n4]l  
7d D.G/'  
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Answer: 0->/`/xm  
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A: long-run growth rate T2bnzIi  
3*(1+10%) =3.3 million U($^E}I2(  
=|y|P80w  
B: target payout ratio o_yRn16  
Target payout ratio=3/15=20% B5Va%?Wg?H  
Dividend of 2008=18*2%=3.6 million XUsy.l/  
h3J*1  
C: residual dividend approach xbC~C ~#  
Retained earnings=total new investment*(1-debt ratio) /{N))  
                 =12*(1-40%) 0|2%# E  
                 =7.2 million jA2ofC  
Residual dividend=18-7.2=10.8 million `I>], J/  
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D: regular-dividend-plus-extra dividend approach (according to the residual policy) v+tO$QZ`  
Regular dividend=3*(1+10%) =3.3 million 8Nvr93T,  
Extra dividend=residual dividend –regular dividend P`sN&Y~m  
              =10.8-3.3 Y}/jR6hK  
              =7.5 million dy_.(r5[L]  
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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. GUCM4jVT^  
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. #J.u  
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. |p'i,.(c_W  
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). 4GTrI@}3  
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Answer: G4yUC<TqBP  
Notes: {gIEZ{  
Actual price=18560/3200=$5.8/unit n49s3|#)G  
Actual quantity materials per unit=3200/2000=1.6 kg/unit ~\bHfiIDy  
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1).Standard quantity * standard price=standard total cost Ij$)RSPtH  
(1.5*2000)      *   6        =$18000 {Vl"m2  
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials ] 1Qi=2'  
（3200-3000）                *  6         =$1200 y(a}IM3~  
3)Actual quantity * （actual price- standard price）= Price variance of direct materials 'WnpwY  
3200         * (5.8 – 6)                    =$640 8AX3C s_G  
4)actual quantity *actual price =actual total cost J]]\&MtaO  
3200        * 5.8       =$18560 ypT9 8  
67 O<*M  
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A：Price variance of direct materials=（actual price-standard price）*actual quantity sBB:$X  
                             = (5.8-6)*3200 #J3zTG(:@  
                             = $640  【F】 HtS# _y%(  
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. /~"AG l.  
%rFllb7  
B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price /]l f>\x1  
                                  = (3200-3000)*6 `NoCH[$!+  
                                  =$1200   【U】 "D!Dr1  
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Efficiency variance of $1200 【U】 due to the higher quantity of materials per unit of 1.6 kg/unit than the standard level of 1.5 kg/unit. L.Vq1RU\"  
PJ6$);9}6  
(77Dif0)'  
C：Total variance of direct materials=actual costs- standard cost bF7`] 83  
                              =18560-18000 wISzT^ RS  
                              =560  【U】 8\u;Wf  
h?3f5G*&H  

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