[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。） 1V4s<m>#  
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. V4P; 5[  
Calculate M’s expected dividends for 2008 if it follows each of the following policies: [los dnH^?  
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. =;3Sx::=  
B. It continues the 2007 dividend payout ratio. PMh^(j[  
C. It uses a residual policy with all distributions in the form of dividends. 6@e+C;j=  
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). L[H5NUG!  
Xg SxN!I  
28H8l2{[>  
\h DdU+  
答案在楼下

Answer: ;SaX;!`39+  
6290ZNvr  
A: long-run growth rate mG`e3X6@-  
3*(1+10%) =3.3 million 1jPJw3"3h  
N:tY":Hi  
B: target payout ratio D3^7y.u<)  
Target payout ratio=3/15=20% gV`=jAE_  
Dividend of 2008=18*2%=3.6 million +|@rD/I6  
MpqZH{:?G  
C: residual dividend approach t" 7yNs(I  
Retained earnings=total new investment*(1-debt ratio) \nB8WSvk2W  
                 =12*(1-40%) |t)}VM%
 
                 =7.2 million T?1Du"d8  
Residual dividend=18-7.2=10.8 million pY~,(s|Qb  
qY$qaM^=  
D: regular-dividend-plus-extra dividend approach (according to the residual policy) Vc%R$E%  
Regular dividend=3*(1+10%) =3.3 million v-Fg +  
Extra dividend=residual dividend –regular dividend {W~q z^>u4  
              =10.8-3.3 V8wKAj Ux  
              =7.5 million 80Y\|)  
LIVU^Os.  
^/=#UQ*k  
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. A@D2
+fS  
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. +|{RE.DL  
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. $ GQ-(/  
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). zrv#Xa!O\  
j.ldaLdG  
Answer: st&  
Notes: sv(f;ib  
Actual price=18560/3200=$5.8/unit OxtOd\0$  
Actual quantity materials per unit=3200/2000=1.6 kg/unit eo!zW  
6PF8 /@Nh  
1).Standard quantity * standard price=standard total cost TtDg *kZ  
(1.5*2000)      *   6        =$18000 5,;`$'?a%  
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials m8JR@!t7  
（3200-3000）                *  6         =$1200 deeU@x`f<  
3)Actual quantity * （actual price- standard price）= Price variance of direct materials KZe)K_1[  
3200         * (5.8 – 6)                    =$640 XJ+6FT/qss  
4)actual quantity *actual price =actual total cost $RwB_F  
3200        * 5.8       =$18560 o}'bv  
NHgjRPz"  
Tv]<SI<B[  
A：Price variance of direct materials=（actual price-standard price）*actual quantity 7"*|2Xq  
                             = (5.8-6)*3200 L] hXp t  
                             = $640  【F】 M4L ktR-[  
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. }Y1>( U  
R
F!1oZ  
B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price  b2&V  
                                  = (3200-3000)*6 +~U=C9[gj  
                                  =$1200   【U】 YEx)"t8E  
rba;&D;  
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. Lx U={Y0  
m:O(+Fl  
~ZlC '  
C：Total variance of direct materials=actual costs- standard cost 7W9d6i)  
                              =18560-18000 mN5 8r"!J  
                              =560  【U】