[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。） ("P mB?20  
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. {L2Gb(YLW  
Calculate M’s expected dividends for 2008 if it follows each of the following policies: ;ijfI  
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. P+z I9~N[  
B. It continues the 2007 dividend payout ratio. nE"b`  
C. It uses a residual policy with all distributions in the form of dividends. B'BbTI,  
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). *V@MAt  
;uA_gn!  
}Bod#|`  
Answer: ^)0{42!]  
7q{v9xKy  
A: long-run growth rate L&gEQDPgq|  
3*(1+10%) =3.3 million &_%+r5  
PEQvEruZ}  
B: target payout ratio KxTYc  
Target payout ratio=3/15=20% tgF(=a]o  
Dividend of 2008=18*2%=3.6 million S>ylAU;N  
y3 o4%K8  
C: residual dividend approach u2.r,<rC*Q  
Retained earnings=total new investment*(1-debt ratio) CK`3   
                 =12*(1-40%) j>Bk;f|  
                 =7.2 million Mb/
6>  
Residual dividend=18-7.2=10.8 million oWaIjU0  
^%OH}Z`ly  
D: regular-dividend-plus-extra dividend approach (according to the residual policy) JpHsQ8<  
Regular dividend=3*(1+10%) =3.3 million  /qQ2@k  
Extra dividend=residual dividend –regular dividend 7!yF5+_d  
              =10.8-3.3 :~A1Ud4c  
              =7.5 million FLnAN;  
uA}FuOE6  
uxJiec`&  
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 $18.560. OFAqP1o{$  
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. ZT-
45_  
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. !VZCM{  
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). u(G;57ms  
#1!BD!u  
Answer: Q@.9wEAJ  
Notes: SF
PIr0 u  
Actual price=18560/3200=$5.8/unit  !+VN  
Actual quantity materials per unit=3200/2000=1.6 kg/unit +n~rM'^4/  
Y&Vbf>Hi+  
1).Standard quantity * standard price=standard total cost 7Hlh (k  
(1.5*2000)      *   6        =$18000 Xqva&/-  
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials :<7>-+pa  
（3200-3000）                *  6         =$1200 ]~ 8N  
3)Actual quantity * （actual price- standard price）= Price variance of direct materials 9l
^  
3200         * (5.8 – 6)                    =$640 3)MM5 bb$  
4)actual quantity *actual price =actual total cost kX .1#%Ex  
3200        * 5.8       =$18560 $mg h.3z0  
l#f]KLv4N_  
oW1olmpp=  
A：Price variance of direct materials=（actual price-standard price）*actual quantity (2\ekct ^  
                             = (5.8-6)*3200 ..{^"
`FQ  
                             = $640  【F】 ;Wm)e~`,  
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. ;j\$[4W.i  
/*2W?ZM~H  
B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price 2Sd6b 2-  
                                  = (3200-3000)*6 Z"nuO\zH~  
                                  =$1200   【U】 e7AI&5Eg{  
zQ^[=siZ}  
Efficiency variance of $1200 【U】 due to the higher quantity of materials per unit of 1.6 kg/unit than the standard level of 1.5 kg/unit. tD482Sb=  
R,Uy3N  
g {wPw  
C：Total variance of direct materials=actual costs- standard cost TbM*?\7  
                              =18560-18000 fBh|:2u  
                              =560  【U】 Os]M$c_88  
?^GsR[-x  

谁来翻译一下