[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。） ^ $t7p 1  
1、In 2007,M Corporation paid dividends totaling ＄3 million on net income of ＄15 million.2007 was a normal year, and for the past five years, earnings have grown at a constant rate of 10 percent. However,earnings are expected to jump to ＄18 million in 2008,and the firm expects to have ＄12 million investment opportunities in 2009.It is predicted that M will not be able to maintain the 2008 level of earnings growth in the future----the high 2008 earnings level is attributable to an exceptionally profitable new product line introduced in that year----and the company will return to its previous 10 percent growth rate. M’s target debt ratio is 40 percent in 2007, which will be continued in the future. /S+gh;2OC  
Calculate M’s expected dividends for 2008 if it follows each of the following policies: ?I.<mdhN#t  
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. u4[3JI>  
B. It continues the 2007 dividend payout ratio. pjX ')i<  
C. It uses a residual policy with all distributions in the form of dividends. D+vHl}  
D. It employs a regular-dividend-plus-extras policy, with the regular dividend being based on the long-run growth rate and the extra dividend being set according to the residual policy(Indicate the regular dividend and the extra dividend separately). I8 {2cM;  
38T2IN  
hE>i~:~R  
2@S
{e$YK`  
答案在楼下

Answer: agFWye  
',yY  
A: long-run growth rate &dkjT8L$  
3*(1+10%) =3.3 million ~cSOni`  
5M2G ;o  
B: target payout ratio I2=?H<  
Target payout ratio=3/15=20% N
Q@."8  
Dividend of 2008=18*2%=3.6 million b;O|-2AR  
Y&k6Xhuao  
C: residual dividend approach <tbsQ3  
Retained earnings=total new investment*(1-debt ratio) F? kW{,*  
                 =12*(1-40%) V[Jd1T  
                 =7.2 million 1dF=BR8  
Residual dividend=18-7.2=10.8 million -$4#eG%3  
Ncu\;K\N  
D: regular-dividend-plus-extra dividend approach (according to the residual policy) Ii,Lj1Q  
Regular dividend=3*(1+10%) =3.3 million (!U5B Hnd  
Extra dividend=residual dividend –regular dividend 37@_
"  
              =10.8-3.3 qmcLG*^,  
              =7.5 million 3cNF^?\=  
F~dq7AS  
mzz77i  
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 $18.560. AoEG%nT  
A. Calculate the direct material price variance for July. Indicate whether it is favorable  (F) or unfavorable (U) and who is generally responsible for this variance. mT8($KQ  
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}'ZEaJ  
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). eM*@zo<-  
4w:_4qyb  
Answer: !'No5  
Notes: ?+S&`%?  
Actual price=18560/3200=$5.8/unit $g55wGF  
Actual quantity materials per unit=3200/2000=1.6 kg/unit j1)HIQE|5f  
hgCeU+H  
1).Standard quantity * standard price=standard total cost 9i8D_[  
(1.5*2000)      *   6        =$18000 `n]y"rj'  
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials VrA9}"1x~*  
（3200-3000）                *  6         =$1200 "]ow1{  
3)Actual quantity * （actual price- standard price）= Price variance of direct materials YB h:  
3200         * (5.8 – 6)                    =$640 \$2E  
4)actual quantity *actual price =actual total cost `}KK@(Y  
3200        * 5.8       =$18560 nl|}_~4U  
-bK#&o,  
Eoug/we  
A：Price variance of direct materials=（actual price-standard price）*actual quantity QW.VAF\6*  
                             = (5.8-6)*3200 z
./M^7v?  
                             = $640  【F】 >WMH.5p  
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. jZcjiOX  
+!6C^G  
B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price a3L]'E'*#  
                                  = (3200-3000)*6 ~l%Dcp  
                                  =$1200   【U】 mfO:#]
K  
+.Kmpw4  
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. UB
]}j^  
>+=)Q,|R  
u2^oXl  
C：Total variance of direct materials=actual costs- standard cost (u-i{<   
                              =18560-18000 <`sVu  
                              =560  【U】