[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。） wv~:^v'  
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. x,nl PU  
Calculate M’s expected dividends for 2008 if it follows each of the following policies: qrMED_(D  
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. X5owAc6  
B. It continues the 2007 dividend payout ratio. CU=sQfE  
C. It uses a residual policy with all distributions in the form of dividends. tSy 9v  
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). %oBP6|e  
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2poo@] M/  
Answer: f@}>:x  
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A: long-run growth rate EPE_2a}  
3*(1+10%) =3.3 million @ x `X|>&  
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B: target payout ratio W"=l@}I  
Target payout ratio=3/15=20% !'_7MM  
Dividend of 2008=18*2%=3.6 million R*GBxJaw  
&JX<)JEB=<  
C: residual dividend approach cGm3LS6]*  
Retained earnings=total new investment*(1-debt ratio) sOqFEvzo1%  
                 =12*(1-40%) )qx;/=D  
                 =7.2 million y)zZ:lyIq  
Residual dividend=18-7.2=10.8 million b5MBzFw  
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D: regular-dividend-plus-extra dividend approach (according to the residual policy) gk%01&_>4  
Regular dividend=3*(1+10%) =3.3 million KHx2$*E_  
Extra dividend=residual dividend –regular dividend -k + jMH  
              =10.8-3.3 &G2&OFAr]q  
              =7.5 million 1$RJzHS  
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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. :]:)c8!6  
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. rC@VMe|0  
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. "U^m~N9k{  
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). !4Aj#`)  
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Answer: YPx+9^)  
Notes: af<h2r  
Actual price=18560/3200=$5.8/unit S ,F[74K  
Actual quantity materials per unit=3200/2000=1.6 kg/unit z5gVP8*z5  
3li$)S1z  
1).Standard quantity * standard price=standard total cost D>k(#vYKB  
(1.5*2000)      *   6        =$18000 8XJi}YPQ  
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials 4Q!A w  
（3200-3000）                *  6         =$1200 ,>aa2  
3)Actual quantity * （actual price- standard price）= Price variance of direct materials uxyj6(  
3200         * (5.8 – 6)                    =$640 5Pf=Uj6D  
4)actual quantity *actual price =actual total cost (F^R9G|  
3200        * 5.8       =$18560 /"J 6``MV  
=?$~=1SL+  
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A：Price variance of direct materials=（actual price-standard price）*actual quantity %|JiFDjp  
                             = (5.8-6)*3200 \ Bj{.
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                             = $640  【F】 oeg Bk  
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. id" `o  
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B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price 56JQ h  
                                  = (3200-3000)*6 I?Iz5e-  
                                  =$1200   【U】 =/K)hI!u  
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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. .1TuHC\mC
 
)!v"(i.5Xo  
U',C-56z  
C：Total variance of direct materials=actual costs- standard cost fV4rVy8  
                              =18560-18000 .v(GVkE}  
                              =560  【U】 >3p~>;9sc  
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