[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。） }]'Z~5T  
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. m6bAvy]3<t  
Calculate M’s expected dividends for 2008 if it follows each of the following policies: eE '\h  
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. I5 "Z  
B. It continues the 2007 dividend payout ratio. T32C=7  
C. It uses a residual policy with all distributions in the form of dividends. .IE2d%]?  
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). Lp.,:z7  
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Answer: g/)mbL>=  
P|Dw+lQj  
A: long-run growth rate mR)Xq=  
3*(1+10%) =3.3 million [2"a~o\  
Mpzt9*7R  
B: target payout ratio OTY9Q  
Target payout ratio=3/15=20% R%=u<O  
Dividend of 2008=18*2%=3.6 million qH1[BsOx  
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C: residual dividend approach ;`p+Vs8C  
Retained earnings=total new investment*(1-debt ratio) |@`F!bnLr  
                 =12*(1-40%) `A_CLVE  
                 =7.2 million b3N1SC:Wn  
Residual dividend=18-7.2=10.8 million )v !GiZ"7  
$WED]X@X!  
D: regular-dividend-plus-extra dividend approach (according to the residual policy) Dp3&@M"^yY  
Regular dividend=3*(1+10%) =3.3 million {N42z0c  
Extra dividend=residual dividend –regular dividend .B_LQ;0:   
              =10.8-3.3 |4^us|XY  
              =7.5 million O/Ub{=g  
W$>srdG0$  
x1VBO.t=*  
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. roSdcQTeT  
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. Uus%1hC%a  
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.  >\6T
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C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). c>!zJAB  
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Answer: "%ou'\}  
Notes: '#LbIv4  
Actual price=18560/3200=$5.8/unit _4Z|O]  
Actual quantity materials per unit=3200/2000=1.6 kg/unit va 7I_J  
4 ;ybQ  
1).Standard quantity * standard price=standard total cost W5z<+8R  
(1.5*2000)      *   6        =$18000 $a.fQ<,\X  
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials ,j E'd'$  
（3200-3000）                *  6         =$1200 }tJR
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3)Actual quantity * （actual price- standard price）= Price variance of direct materials X67^@~l  
3200         * (5.8 – 6)                    =$640 =;Ap+}  
4)actual quantity *actual price =actual total cost Jmg<mjq/G  
3200        * 5.8       =$18560 Yz7H@Y 2 i  
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?&A)% 6` ~  
A：Price variance of direct materials=（actual price-standard price）*actual quantity O=m_P}K  
                             = (5.8-6)*3200 14>WpNN  
                             = $640  【F】 Qf|x]x*5  
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. WRrCrXP  
qw?#~"Ca.  
B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price cBcfGNTJ~  
                                  = (3200-3000)*6 F/O5Z?C?  
                                  =$1200   【U】 l Oxz&m  
m03D+@F  
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. 9bu}@#4*  
oE/g)m%  
,'!x9 `  
C：Total variance of direct materials=actual costs- standard cost A.-j5C4  
                              =18560-18000 K!~j}z*  
                              =560  【U】 .Z?@;2<l  
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