[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。） aVlHY E  
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. F&\o1g-L  
Calculate M’s expected dividends for 2008 if it follows each of the following policies: VmW_,  
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. DRnXo-Aaj  
B. It continues the 2007 dividend payout ratio. %2{E'^#)p-  
C. It uses a residual policy with all distributions in the form of dividends. (
0S"ZT  
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). >3JOQ;:d8  
Q'N<
jX[  
W$&Q.Z  
Answer: la-+`  
x8H)m+AW  
A: long-run growth rate LTF%bAQ,  
3*(1+10%) =3.3 million %+.
]>''a  
)\e_I\-  
B: target payout ratio rtI4W  
Target payout ratio=3/15=20% ]Vubz54  
Dividend of 2008=18*2%=3.6 million J]%P fWV  
tf,_4_7#$  
C: residual dividend approach C'Ymz`iQ  
Retained earnings=total new investment*(1-debt ratio) $KiA~l  
                 =12*(1-40%) biJU r^n  
                 =7.2 million gyPF!"!5dq  
Residual dividend=18-7.2=10.8 million Av'H(qB\K  
?E`J-ncP  
D: regular-dividend-plus-extra dividend approach (according to the residual policy) |^=`ln!  
Regular dividend=3*(1+10%) =3.3 million j6\{j#q  
Extra dividend=residual dividend –regular dividend qIk6S6  
              =10.8-3.3 6l=n&YO  
              =7.5 million mHP1
.Z`  
Vq*p?cF .  
?TXFOr]g]2  
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+qz  
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. k`?n( "j  
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. {kC]x2 U  
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). sU8D;ML7  
mr*zl*  
Answer: `@ObM[0p(  
Notes: NzEuiI}  
Actual price=18560/3200=$5.8/unit xsa* XR  
Actual quantity materials per unit=3200/2000=1.6 kg/unit W] lFwj  
DC NuvrZ  
1).Standard quantity * standard price=standard total cost .{Xi&[jw  
(1.5*2000)      *   6        =$18000 Lpn`HAw&  
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials X9P
-fF?0  
（3200-3000）                *  6         =$1200 (YR1ML3N  
3)Actual quantity * （actual price- standard price）= Price variance of direct materials wC[J=:]tA5  
3200         * (5.8 – 6)                    =$640
`pKQ|zGw  
4)actual quantity *actual price =actual total cost -Oo$\ =d  
3200        * 5.8       =$18560 {{O1 C~  
NZl
0sX.:  
6S<pWR~  
A：Price variance of direct materials=（actual price-standard price）*actual quantity "];19]x6q  
                             = (5.8-6)*3200 ,e;(\t:  
                             = $640  【F】 IE|$>q0Z  
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. 55#H A?cR  
M]&9Kg3  
B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price d kXK0k  
                                  = (3200-3000)*6 j3FDGDrg  
                                  =$1200   【U】 <@?bYp  
K <0ItNv  
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. ^@N@
gB  
K(_n
fE{  
G6I>Ry[2?  
C：Total variance of direct materials=actual costs- standard cost U*6r".sz  
                              =18560-18000 Ly^r8I  
                              =560  【U】 Q4UaqiL
 
LOp<c<+aW  

谁来翻译一下