[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。） `h5HA
-ud  
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. H^"BK
-`hs  
Calculate M’s expected dividends for 2008 if it follows each of the following policies: R@>R@V>c  
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. F aa:h#  
B. It continues the 2007 dividend payout ratio. 7d/wT+f  
C. It uses a residual policy with all distributions in the form of dividends. 93fKv  
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). ,: w~-   
)?'sw5C  
Szi4M&!K  
Answer: `{I,!to  
.^#{rk  
A: long-run growth rate +YT/od1t7  
3*(1+10%) =3.3 million 6 6x} |7  
x=1G|<z%  
B: target payout ratio 3leg,qd  
Target payout ratio=3/15=20% aVuan&]*=  
Dividend of 2008=18*2%=3.6 million wd*T"
V3  
vJGxD\h  
C: residual dividend approach #Vn=(U4}!_  
Retained earnings=total new investment*(1-debt ratio) &g,K5at  
                 =12*(1-40%) cv:nlq)  
                 =7.2 million O~d !*A  
Residual dividend=18-7.2=10.8 million ml=1R>#'  
~QBf78@Gf  
D: regular-dividend-plus-extra dividend approach (according to the residual policy) lGG
1d  
Regular dividend=3*(1+10%) =3.3 million G+[>or
}  
Extra dividend=residual dividend –regular dividend 2)RW*Qu;+  
              =10.8-3.3 hv*n";V   
              =7.5 million )2YU|  
=i%2/kdi0b  
9Lz)SYd  
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. 1sc #!^Oo  
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. 7u 5B/M!  
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.  + KFK..  
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). 2!68W X  
Kox~k?JK  
Answer: pI(FUoP^  
Notes: JPQ
02&e  
Actual price=18560/3200=$5.8/unit ieBW 0eMi  
Actual quantity materials per unit=3200/2000=1.6 kg/unit (~Zg\(5#  
l$m^{6IYc  
1).Standard quantity * standard price=standard total cost $6!`  
(1.5*2000)      *   6        =$18000 08k1 w,6W  
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials m OmT ]X  
（3200-3000）                *  6         =$1200 ie.cTTOI  
3)Actual quantity * （actual price- standard price）= Price variance of direct materials ,eUMSg~P.7  
3200         * (5.8 – 6)                    =$640 WtRy~5A2  
4)actual quantity *actual price =actual total cost 0SKt8pL`  
3200        * 5.8       =$18560 3pDZ}{ZZU  
[&3"kb  
iT^lk'?{O  
A：Price variance of direct materials=（actual price-standard price）*actual quantity 6\0G
VM\  
                             = (5.8-6)*3200 't)j  
                             = $640  【F】 ;;nmF#  
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. dJ24J+9}]j  
?!~au0  
B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price 3'/wRKl  
                                  = (3200-3000)*6 UO:>^,(j  
                                  =$1200   【U】 >MQW{^  
G$@X>)2N8  
Efficiency variance of $1200 【U】 due to the higher quantity of materials per unit of 1.6 kg/unit than the standard level of 1.5 kg/unit.
T}!7LNE  
BMX x(W]  
e:7aVOm  
C：Total variance of direct materials=actual costs- standard cost 6@F Z,e  
                              =18560-18000 uDo Se^0  
                              =560  【U】 sL/Lw WH  
:cC`w
X$  

谁来翻译一下