[专业英语]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。） 8n
KZ  
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. @ ={Hx$zL  
Calculate M’s expected dividends for 2008 if it follows each of the following policies: xcf`i
:\  
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. xhq-$"B  
B. It continues the 2007 dividend payout ratio. 5SOl:{A+  
C. It uses a residual policy with all distributions in the form of dividends. p>9-Ga  
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). T-.Q  
.eZsKc-@  
Z@i"/~B|4\  
kx3?'=0;5  
答案在楼下

Answer: * |dz.Tr  
F0i` HO{  
A: long-run growth rate }={TVs^  
3*(1+10%) =3.3 million 4ju=5D];  
2*[Gm e  
B: target payout ratio ?q l pi(  
Target payout ratio=3/15=20% Gt|m;o  
Dividend of 2008=18*2%=3.6 million  [v%j?  
[p:mja.6y  
C: residual dividend approach V{D~e0i/v  
Retained earnings=total new investment*(1-debt ratio) IH2V.>h  
                 =12*(1-40%) q
cWY8sYf  
                 =7.2 million sFrerv&0  
Residual dividend=18-7.2=10.8 million q$ZmR]p  
XCAy _fL<B  
D: regular-dividend-plus-extra dividend approach (according to the residual policy) iCZuE:I1K,  
Regular dividend=3*(1+10%) =3.3 million $F#eD0|  
Extra dividend=residual dividend –regular dividend  QGq8r>  
              =10.8-3.3 p#QR^|7"  
              =7.5 million O3*}L2j@  
9P7^*f:E  
dm(Xy'*iQ  
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. Ow3t2G  
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. WL#E%6p[  
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. cOa){&u  
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). &%= ]lP]  
 #s}&  
Answer: Yvn*
evO4  
Notes: Sy0-tK4  
Actual price=18560/3200=$5.8/unit U)sw IisE  
Actual quantity materials per unit=3200/2000=1.6 kg/unit azC
od1aL{  
xj#anr  
1).Standard quantity * standard price=standard total cost ^T< HD  
(1.5*2000)      *   6        =$18000 @ =XJ<  
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials eE0
'3?q(  
（3200-3000）                *  6         =$1200 EvJ<X,Bo  
3)Actual quantity * （actual price- standard price）= Price variance of direct materials # 9@K  
3200         * (5.8 – 6)                    =$640 b;2[E/JKB  
4)actual quantity *actual price =actual total cost Cx[Cst`  
3200        * 5.8       =$18560 c|2+J:}p  
Kt*kARN?  
W|I<hY\X  
A：Price variance of direct materials=（actual price-standard price）*actual quantity %p}xW V.  
                             = (5.8-6)*3200 x^XP<R{D  
                             = $640  【F】 Vm8rQFCp74  
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. ,bRYqU?#0  
.Z9{ \tj  
B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price t}X+P`Ovq  
                                  = (3200-3000)*6 es
k~\!d  
                                  =$1200   【U】 W2T-TI,>PC  
b+tm[@|,v  
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. %Mx c"% w  
tVr^1Y  
n5z";: p  
C：Total variance of direct materials=actual costs- standard cost cGUsao  
                              =18560-18000 wpK[;  
                              =560  【U】