[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。） 2Ed  
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. p.J+~s4G  
Calculate M’s expected dividends for 2008 if it follows each of the following policies: 0'O*Y ]h+  
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. XI*cu\7sy  
B. It continues the 2007 dividend payout ratio. 35 X4] t  
C. It uses a residual policy with all distributions in the form of dividends. /vG)n9Rc  
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). UM QsYD)  
BO3%p  
j,BiWgj$8  
Answer: 5\|u] ~b  
H^ \2,x Z  
A: long-run growth rate PK7 kpC  
3*(1+10%) =3.3 million MEZc/Ru-[  
8>y!=+9_  
B: target payout ratio 0zvA>4cq)  
Target payout ratio=3/15=20% JSOgq/\  
Dividend of 2008=18*2%=3.6 million ;zc
,vs  
i9%cpPrg8  
C: residual dividend approach 
eaGd:(  
Retained earnings=total new investment*(1-debt ratio) ,F)9{ <r]  
                 =12*(1-40%) QY]G+3W  
                 =7.2 million jaq`A'o5  
Residual dividend=18-7.2=10.8 million IU*w'a  
#0wH.\79  
D: regular-dividend-plus-extra dividend approach (according to the residual policy) =TzmhX5  
Regular dividend=3*(1+10%) =3.3 million Ar:ezA  
Extra dividend=residual dividend –regular dividend js#72T/_n  
              =10.8-3.3 j/
<z[qr  
              =7.5 million 6rD Oa~<B  
nC>'kgRt  
<h7FS90S  
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. W
FBVAD  
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. *U69rbYI  
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. Xz
p!X({   
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). ca{u"n  
!33)6*s  
Answer: <#r/4a"V  
Notes: 0nbQKoF  
Actual price=18560/3200=$5.8/unit m2o)/:
 
Actual quantity materials per unit=3200/2000=1.6 kg/unit >TqMb8e_  
jQc.@^#+x  
1).Standard quantity * standard price=standard total cost 1VD8y_tC  
(1.5*2000)      *   6        =$18000 n6f  
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials 8A3 pYW-  
（3200-3000）                *  6         =$1200 UZ"jQJQ  
3)Actual quantity * （actual price- standard price）= Price variance of direct materials h*JzJ0X  
3200         * (5.8 – 6)                    =$640 Ct)l0J\XH  
4)actual quantity *actual price =actual total cost `0qBuE_^h  
3200        * 5.8       =$18560 m)aNuQvy:Z  
6HyndB^  
'"/Yk=EmlU  
A：Price variance of direct materials=（actual price-standard price）*actual quantity :jc  ?T  
                             = (5.8-6)*3200 J0eJRs  
                             = $640  【F】 P}kp_l27  
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. J"&jR7-9  

#r ;;d(  
B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price ,py:e>+^t  
                                  = (3200-3000)*6 ]$VYzE2e  
                                  =$1200   【U】 \~#$$Q-qtU  
|<q9Ee  
Efficiency variance of $1200 【U】 due to the higher quantity of materials per unit of 1.6 kg/unit than the standard level of 1.5 kg/unit. K3WhF  
[z^db0PU  
g,0u_$U  
C：Total variance of direct materials=actual costs- standard cost :+m8~n$/  
                              =18560-18000 =QiVcw,G#  
                              =560  【U】 3bGJ?hpp  
Q0\tK=Z/  

谁来翻译一下