[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。） jLG Q^v"  
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. `8D}\w<eI  
Calculate M’s expected dividends for 2008 if it follows each of the following policies: %gE*x #  
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. gG6j>%y  
B. It continues the 2007 dividend payout ratio. U0X?~ 1  
C. It uses a residual policy with all distributions in the form of dividends. w4e (p3  
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). %ryYa  
^9*kZV<K  
e${Cf  
-3On^W j]  
答案在楼下

Answer: J
cDcYB  
)eaEc9o>  
A: long-run growth rate Q=~*o YR  
3*(1+10%) =3.3 million tlJ@@v&=  
Q'qz(G0  
B: target payout ratio mxfmK +'_  
Target payout ratio=3/15=20% lOuO~`,J  
Dividend of 2008=18*2%=3.6 million `8sC>)lrwu  
EAPjQA-B?  
C: residual dividend approach Uo
p`)  
Retained earnings=total new investment*(1-debt ratio) EYD24
 
                 =12*(1-40%) $]t3pAI[H0  
                 =7.2 million -.=:@H}r  
Residual dividend=18-7.2=10.8 million ;*}tbh3;.  
g#/"3P 2H  
D: regular-dividend-plus-extra dividend approach (according to the residual policy) p.|NZXk%%a  
Regular dividend=3*(1+10%) =3.3 million iVe"iH  
Extra dividend=residual dividend –regular dividend 6(0ME$  
              =10.8-3.3 yT<,0~F 9  
              =7.5 million y8arFG  
g/f^|:  
6k-  
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. jC}2>_#m(  
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. l}M
Vk%[  
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. o;5ns  
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). ^ 9`O ^  
wXKg^%t\  
Answer: ,\Uc/wR  
Notes: 2{;~Bgd  
Actual price=18560/3200=$5.8/unit tEFbL~n  
Actual quantity materials per unit=3200/2000=1.6 kg/unit !/RL.`!>  

:.bBV]6q  
1).Standard quantity * standard price=standard total cost sf5F$  
(1.5*2000)      *   6        =$18000 &A!?:?3%O  
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials V krjs0  
（3200-3000）                *  6         =$1200 FX,kmre3  
3)Actual quantity * （actual price- standard price）= Price variance of direct materials 3s B9t X  
3200         * (5.8 – 6)                    =$640 AREpZ2GiU  
4)actual quantity *actual price =actual total cost 
dp DPSI  
3200        * 5.8       =$18560 eRm 9LOp  
H05xt
$J  
!l5&>1?  
A：Price variance of direct materials=（actual price-standard price）*actual quantity 15\k/[3 #  
                             = (5.8-6)*3200 :-)H tyzf  
                             = $640  【F】 z=1N}l~|*  
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. NPjNkpWm&=  
"p\5:<  
B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price _A]=45cn ~  
                                  = (3200-3000)*6 gO%oA} !i  
                                  =$1200   【U】 TKs l.|  
R.P|gk  
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. .hVB)@ /  
@T@lHc  
`),ACkU>U  
C：Total variance of direct materials=actual costs- standard cost  XkRPD  
                              =18560-18000 U]}f]GK  
                              =560  【U】