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[专业英语]2008财务成本管理英语加试题答案 [复制链接]

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离线connie
 

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只看楼主 倒序阅读 使用道具 0楼 发表于: 2009-02-13
— 本帖被 阿文哥 从 注会英语 移动到本区(2012-07-02) —
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。) 8wOscL f:  
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. Y)1J8kq_  
Calculate M’s expected dividends for 2008 if it follows each of the following policies: JS%LJ _J  
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. B@i%B+qCLv  
B. It continues the 2007 dividend payout ratio. nGYi mRYO  
C. It uses a residual policy with all distributions in the form of dividends. nqUnDnP2c  
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). 3o?eUwI}  
2ww H3}  
Fb8d= Zc  
9X;*GC;d  
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离线connie

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只看该作者 1楼 发表于: 2009-02-13
Answer: <4vCx  
oe 6-F)+  
A: long-run growth rate Z@&%"nO  
3*(1+10%) =3.3 million Pvi2j&W84  
[R%*C9Y d  
B: target payout ratio >A -{/"p#  
Target payout ratio=3/15=20% m[3c,Axl7  
Dividend of 2008=18*2%=3.6 million )lS04|s  
1v`|mU}i,  
C: residual dividend approach p!^K.P1 '  
Retained earnings=total new investment*(1-debt ratio) WlvT&W  
                 =12*(1-40%) js <Up/1  
                 =7.2 million A-=hvJ5T  
Residual dividend=18-7.2=10.8 million Z.Z;p/4F  
*!&?Xy%\"j  
D: regular-dividend-plus-extra dividend approach (according to the residual policy) \OFmd!Cz  
Regular dividend=3*(1+10%) =3.3 million sRT H_]c  
Extra dividend=residual dividend –regular dividend ^tG,H@95  
              =10.8-3.3 Q*ELMib  
              =7.5 million Aixe?A_x  
NFEr ,n  
ov,s]g83  
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 $18.560. Jk&!(YK&  
A. Calculate the direct material price variance for July. Indicate whether it is favorable  (F) or unfavorable (U) and who is generally responsible for this variance. 0LL0\ly]  
B. Calculate the direct material quantity variance for July. Indicate whether it is favorable (F) or unfavorable (U) and who is generally responsible for this variance. ki@C}T5  
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). HB5-B XBU  
^ IuhHP  
Answer: kG!hqj  
Notes: DH+kp$,}  
Actual price=18560/3200=$5.8/unit r/ g{j  
Actual quantity materials per unit=3200/2000=1.6 kg/unit "D_:`@V(  
+<[q"3  
1).Standard quantity * standard price=standard total cost !JrKTB%  
(1.5*2000)      *   6        =$18000 nTr]NBR  
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials K)J_q3qo  
(3200-3000)                *  6         =$1200 &k}B66  
3)Actual quantity * (actual price- standard price)= Price variance of direct materials {O y|c  
3200         * (5.8 – 6)                    =$640 `j)56bR  
4)actual quantity *actual price =actual total cost S8/~'<out  
3200        * 5.8       =$18560 )/)u.$pi  
$RYGAh  
54>0Dv??H  
A:Price variance of direct materials=(actual price-standard price)*actual quantity jwE=  
                             = (5.8-6)*3200 ! Ea! "}  
                             = $640  【F】 z!bT^_Cc0  
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. !fn%Q'S  
bs ~P  
B:Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price zM&ro,W  
                                  = (3200-3000)*6 2 >O[Y1  
                                  =$1200   【U】 |LQ%sV  
FD 8Lk  
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. E#rQJ  
T&pCLvkz  
6&SNFOX{@  
C:Total variance of direct materials=actual costs- standard cost JnK<:]LcK  
                              =18560-18000 Q?>r:vMi  
                              =560  【U】
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