[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。） r"t,/@`n  
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. &!FI!T -WH  
Calculate M’s expected dividends for 2008 if it follows each of the following policies: 7|o}m}yVx
 
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. [jGE{<Je  
B. It continues the 2007 dividend payout ratio. K@{R?j/+  
C. It uses a residual policy with all distributions in the form of dividends. GgE 38~A4  
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). :8N{;aui  
kjt(OFh'Y+  
:'[ha$  
Answer: $+,kibk*R  
+6n\5+5  
A: long-run growth rate E 5mYFVK  
3*(1+10%) =3.3 million _<l)4A3rS  
~NO7@muw  
B: target payout ratio p<y\^a  
Target payout ratio=3/15=20% v+( P4fS  
Dividend of 2008=18*2%=3.6 million 9V;A+d,  
Jyp7+M]  
C: residual dividend approach 8x8nQ*_  
Retained earnings=total new investment*(1-debt ratio) t@iw&>8z  
                 =12*(1-40%) =4OV }z=I  
                 =7.2 million Y^XZ.R  
Residual dividend=18-7.2=10.8 million \3hFb,/4k  
?KE:KV[Y  
D: regular-dividend-plus-extra dividend approach (according to the residual policy) G'wyH[ d/  
Regular dividend=3*(1+10%) =3.3 million 3-
)R '  
Extra dividend=residual dividend –regular dividend zhY]!  
              =10.8-3.3 NL'(/|)  
              =7.5 million 8?w #=@s  
`trcYmR=k  
9S<V5$}  
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. AXv-%k};  
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. >D_)z/v?"  
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.J(N~4!  
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). H8m[:K]_H  
D}N4*L1  
Answer: `H9!Z$7G  
Notes: 6w_TL<S  
Actual price=18560/3200=$5.8/unit }|nEbM]#  
Actual quantity materials per unit=3200/2000=1.6 kg/unit Sae*VvT6  
o?I`n*u"X  
1).Standard quantity * standard price=standard total cost Fz5eCe\B  
(1.5*2000)      *   6        =$18000 i1 GQ=@  
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials rmdg~  
（3200-3000）                *  6         =$1200 ?!3u?Kd  
3)Actual quantity * （actual price- standard price）= Price variance of direct materials d^0-|sx  
3200         * (5.8 – 6)                    =$640 474 oVdGx  
4)actual quantity *actual price =actual total cost c2]h.G83  
3200        * 5.8       =$18560 $F]*B `  
n;>
r  
TxTxyYd  
A：Price variance of direct materials=（actual price-standard price）*actual quantity +6L.a3&(b  
                             = (5.8-6)*3200 KbH|'/w  
                             = $640  【F】 []?*}o5&>T  
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. *=Ma5J.  
DW
)X3A(^  
B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price cmY `$=  
                                  = (3200-3000)*6 t$lJgj(  
                                  =$1200   【U】 7O i<_b  
TeyF
q0j@'  
Efficiency variance of $1200 【U】 due to the higher quantity of materials per unit of 1.6 kg/unit than the standard level of 1.5 kg/unit. .g.glQ_~=  
\vuWypo  
nk;+L  
C：Total variance of direct materials=actual costs- standard cost K1o&(;l8G  
                              =18560-18000 TZdJq  
                              =560  【U】 ZbH_h]1$D  
`6PBV+]Vm3  

谁来翻译一下