[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。） &/"a E  
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. oM Z94,3  
Calculate M’s expected dividends for 2008 if it follows each of the following policies: =adHP| S  
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. ftl?x'P%  
B. It continues the 2007 dividend payout ratio. yO!M$aOn/  
C. It uses a residual policy with all distributions in the form of dividends. W g6H~x  
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). R*6B@<p,i  
h0g?=hJq  
; D/6e6  
Answer: ^m&P0  
8UqH"^9.Q7  
A: long-run growth rate gt02Csdt  
3*(1+10%) =3.3 million v}d)uPl};  
15 0-'Q  
B: target payout ratio eNVuw:Q+  
Target payout ratio=3/15=20% ~ A
=Gra  
Dividend of 2008=18*2%=3.6 million jY]51B
 
!jSgpIp  
C: residual dividend approach UOl*wvy  
Retained earnings=total new investment*(1-debt ratio) @|Yn~PwKs  
                 =12*(1-40%) nw%`CnzT  
                 =7.2 million NX.5u8Pf  
Residual dividend=18-7.2=10.8 million [Z#Sj=z  
b:p0@|y  
D: regular-dividend-plus-extra dividend approach (according to the residual policy) dIYf}7P  
Regular dividend=3*(1+10%) =3.3 million ci$ J?a  
Extra dividend=residual dividend –regular dividend ,$>l[G;Bm  
              =10.8-3.3 IM/xBP  
              =7.5 million xdM'v{N#m  
bE'{zU}o  
GQ7uxdqWBQ  
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. %!(C?k!\  
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. ?6
`B;_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. Sp:w _;{#  
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). (tg9"C  
uW=G1 *n-  
Answer: ,qv\Y]  
Notes: rqqd} kA  
Actual price=18560/3200=$5.8/unit 3]mprX'  
Actual quantity materials per unit=3200/2000=1.6 kg/unit X~D[CwA|`  
bp=r]nO  
1).Standard quantity * standard price=standard total cost n-l_PhPQ`  
(1.5*2000)      *   6        =$18000 vIOGDI>  
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials -n"wXOx3  
（3200-3000）                *  6         =$1200 W&%,XwkQ  
3)Actual quantity * （actual price- standard price）= Price variance of direct materials ?Y,^Moc:  
3200         * (5.8 – 6)                    =$640 HdB>CVuh  
4)actual quantity *actual price =actual total cost w
]{c*4o  
3200        * 5.8       =$18560 Y_+#|]=$B  
1Z @sh>X|  
5:f!EMb  
A：Price variance of direct materials=（actual price-standard price）*actual quantity jga\Ry=nw  
                             = (5.8-6)*3200 igk<]AwxS  
                             = $640  【F】 Q+9:]Bt  
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. 2[qfF6FHA  
\WE&5 9G  
B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price 3-{BXht)  
                                  = (3200-3000)*6 b(;u2 8  
                                  =$1200   【U】 &|#[.ti1  
Y'iyfnk  
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. 52tc|j6~#  
rMbq_
5}
 
VYkh
@j  
C：Total variance of direct materials=actual costs- standard cost il@>b  
                              =18560-18000 Jl`^`Yv  
                              =560  【U】 )-Hs] D:  
W wPzm?30  

谁来翻译一下