[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。） c6:uM 1V {  
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. [<XYU,{R  
Calculate M’s expected dividends for 2008 if it follows each of the following policies: ]aPf-O*  
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. $z$^ yjL  
B. It continues the 2007 dividend payout ratio. O\ <zQ2m  
C. It uses a residual policy with all distributions in the form of dividends. y(|#!m?@  
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). l= {Y[T&  
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Answer: eA& #33  
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A: long-run growth rate _$UJ'W})/  
3*(1+10%) =3.3 million wNmpUO ?  
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B: target payout ratio qm=U<'b^  
Target payout ratio=3/15=20% !.UE}^TV  
Dividend of 2008=18*2%=3.6 million vEI{AmogRx  
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C: residual dividend approach GFFwk4n1  
Retained earnings=total new investment*(1-debt ratio) rO#w(]   
                 =12*(1-40%) {Zc8,jm  
                 =7.2 million %_|KiW  
Residual dividend=18-7.2=10.8 million ]T)N{"&N/  
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D: regular-dividend-plus-extra dividend approach (according to the residual policy) ,&BNN]k  
Regular dividend=3*(1+10%) =3.3 million )%^l+w+&  
Extra dividend=residual dividend –regular dividend ,=+t2Bn  
              =10.8-3.3 v?."`,e  
              =7.5 million O|t>.<T?  
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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. nXn@|J&z~U  
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. !yv>e7g^  
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. 3@ ":&  
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). =DdPwr 0Op  
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Answer: }-fHS;/  
Notes: fnq 3ic"V  
Actual price=18560/3200=$5.8/unit ?kR1T0lKkE  
Actual quantity materials per unit=3200/2000=1.6 kg/unit azZtuDfv  
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1).Standard quantity * standard price=standard total cost _;3 ,  
(1.5*2000)      *   6        =$18000 Al? %[-u  
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials 4FzTf7h^  
（3200-3000）                *  6         =$1200 9]v,3'Q
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3)Actual quantity * （actual price- standard price）= Price variance of direct materials {^1
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3200         * (5.8 – 6)                    =$640 #TNjQNg@O  
4)actual quantity *actual price =actual total cost ymm]+v5S.]  
3200        * 5.8       =$18560  0J+WCm
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A：Price variance of direct materials=（actual price-standard price）*actual quantity GTLS0l)  
                             = (5.8-6)*3200 ^`!+7!  
                             = $640  【F】 XncX2E4E  
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. AO8 #l YP?  
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B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price kSV(T'#x  
                                  = (3200-3000)*6 RNc:qV<H  
                                  =$1200   【U】 ;t*SG*Vi  
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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. \0~?i6o  

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C：Total variance of direct materials=actual costs- standard cost /k/X[/WO  
                              =18560-18000 f$FO 1B)  
                              =560  【U】 d0B`5#4  
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