[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。） kfC0zd+  
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. 3l!NG=R  
Calculate M’s expected dividends for 2008 if it follows each of the following policies: \d.F82  
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. "cho }X  
B. It continues the 2007 dividend payout ratio. _17|U K|N  
C. It uses a residual policy with all distributions in the form of dividends. %XhfXd'  
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). 'p)Q68;&  
bC@k>yC-  
qZ2&Xw.{1  
1S%k  
答案在楼下

Answer: <MD;@_Nz\  
90 {tIX  
A: long-run growth rate T)u4S[ &  
3*(1+10%) =3.3 million -@%%*YI>  
y<r}"TAf-  
B: target payout ratio W|Ld
u;#  
Target payout ratio=3/15=20% ayp b  
Dividend of 2008=18*2%=3.6 million fhpX/WE6  
sn\;bq  
C: residual dividend approach Yt1mB[&f^  
Retained earnings=total new investment*(1-debt ratio) RpQ*!a~O  
                 =12*(1-40%) -R+zeu(e'  
                 =7.2 million QrjDF>   
Residual dividend=18-7.2=10.8 million =v2%Vs\7k  
eO5ktEoJ  
D: regular-dividend-plus-extra dividend approach (according to the residual policy) mPt)pn!rA  
Regular dividend=3*(1+10%) =3.3 million :=g.o;(
/N  
Extra dividend=residual dividend –regular dividend = TcOnQj  
              =10.8-3.3 :uCdq`SaQl  
              =7.5 million `bgb*Yaod  
i&tsYnP2  
&{^eU5  
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. >Gd.&flSj
 
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. _,;%mK  
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. 1 tfYsg=O  
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). wz#[:2  
[S Tj
e8+V  
Answer: lJ/6-dP  
Notes: @@pq'iRn  
Actual price=18560/3200=$5.8/unit O8RzUg&  
Actual quantity materials per unit=3200/2000=1.6 kg/unit tP'GNsq+m  
t{(Mf2GR1  
1).Standard quantity * standard price=standard total cost ofCVbn  
(1.5*2000)      *   6        =$18000 uCUu!Vfeg  
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials 8=H\?4)()Y  
（3200-3000）                *  6         =$1200 h)B!LAr  
3)Actual quantity * （actual price- standard price）= Price variance of direct materials JieU9lA^&B  
3200         * (5.8 – 6)                    =$640 7>je6*(K  
4)actual quantity *actual price =actual total cost nk08>veG  
3200        * 5.8       =$18560 _EKF-&Q6  
fGO*%)  
z-Hkz  
A：Price variance of direct materials=（actual price-standard price）*actual quantity 26nBBS,;  
                             = (5.8-6)*3200 sco uO$
K  
                             = $640  【F】 b.Su@ay@(^  
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. Baq ~}B<  
QT}iaeC1i  
B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price wXCyj+XB*  
                                  = (3200-3000)*6 q
6)N*?  
                                  =$1200   【U】 elKx]%k*)  
@ R'E?|  
Efficiency variance of $1200 【U】 due to the higher quantity of materials per unit of 1.6 kg/unit than the standard level of 1.5 kg/unit. pI^=B-7  
F ?mA1T>x  
hmzair3X  
C：Total variance of direct materials=actual costs- standard cost &wGg6$  
                              =18560-18000 m.146  
                              =560  【U】