[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。） f1eY2UtWQ  
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. D@]gc&JN[  
Calculate M’s expected dividends for 2008 if it follows each of the following policies: Cjvgf.>$  
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. ;=rMIi  
B. It continues the 2007 dividend payout ratio. a2:Tu  
C. It uses a residual policy with all distributions in the form of dividends. m]g"]U:  
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). {sn:Lj0  
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Answer: OBF3)L]  
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A: long-run growth rate *~p~IX{  
3*(1+10%) =3.3 million qg7] YT&  
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B: target payout ratio re.%$D@  
Target payout ratio=3/15=20% x.>E7 +  
Dividend of 2008=18*2%=3.6 million 
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C: residual dividend approach m7:E73:  
Retained earnings=total new investment*(1-debt ratio) OL+!,Y  
                 =12*(1-40%) ,gU%%>-_~w  
                 =7.2 million vBUl6EmWu  
Residual dividend=18-7.2=10.8 million v\9: G  
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D: regular-dividend-plus-extra dividend approach (according to the residual policy) kvU0$1  
Regular dividend=3*(1+10%) =3.3 million eYL7
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Extra dividend=residual dividend –regular dividend MSEBvZ-  
              =10.8-3.3 nMU#g])y)  
              =7.5 million ^$][ah  
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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. qZ!1>`B  
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. vPG!S{4  
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. $s2-O!P?  
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). rT`D@ I  
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Answer: !$q1m@K1  
Notes: vcB+h;x  
Actual price=18560/3200=$5.8/unit )k&pp^q\  
Actual quantity materials per unit=3200/2000=1.6 kg/unit C9-9cdW H  
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1).Standard quantity * standard price=standard total cost :oB4\/(G#  
(1.5*2000)      *   6        =$18000 lY}mrb  
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials >l$vu-k)~4  
（3200-3000）                *  6         =$1200 b("JgE`  
3)Actual quantity * （actual price- standard price）= Price variance of direct materials lwH&4K  
3200         * (5.8 – 6)                    =$640 UT[9ER
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4)actual quantity *actual price =actual total cost RJs_ S  
3200        * 5.8       =$18560 (PYUfiOf  
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{nQ}t }B  
A：Price variance of direct materials=（actual price-standard price）*actual quantity /,v:!*  
                             = (5.8-6)*3200 @C=, >+D  
                             = $640  【F】 GS{:7%=j  
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. P F.sM(  
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B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price 3&*0n^g  
                                  = (3200-3000)*6 Y51XpcXQ  
                                  =$1200   【U】 <.3@-z>w2,  
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Efficiency variance of $1200 【U】 due to the higher quantity of materials per unit of 1.6 kg/unit than the standard level of 1.5 kg/unit. QnxkD)f*0  
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C：Total variance of direct materials=actual costs- standard cost 3w )
S=4lB  
                              =18560-18000 w8%yX$<  
                              =560  【U】 m@JU).NKCS  
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