[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。） 7f[8ED[4  
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. FU'^n6[<B  
Calculate M’s expected dividends for 2008 if it follows each of the following policies: #.~.UHt  
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. ipfm'aQ  
B. It continues the 2007 dividend payout ratio. :C >
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C. It uses a residual policy with all distributions in the form of dividends. EmF]W+!z%  
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). K7+^Yv\YQx  
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答案在楼下

Answer: Z3Bo @`&?  
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A: long-run growth rate u=1B^V,6V  
3*(1+10%) =3.3 million UUZ6N ZQI  
zsHG= Ee*  
B: target payout ratio >N :|Km\  
Target payout ratio=3/15=20% 6JUav."`~  
Dividend of 2008=18*2%=3.6 million Mr#oT?  
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C: residual dividend approach Ym3 "   
Retained earnings=total new investment*(1-debt ratio) i0i.sizu  
                 =12*(1-40%) n$nne6|O  
                 =7.2 million |^ 2rtI  
Residual dividend=18-7.2=10.8 million ViCg|1 c  

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D: regular-dividend-plus-extra dividend approach (according to the residual policy) g
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Regular dividend=3*(1+10%) =3.3 million Nck!z8  
Extra dividend=residual dividend –regular dividend BDarJY  
              =10.8-3.3 N0 2zPC 8  
              =7.5 million 1v >  
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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 $18.560. a15,'v$O  
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. a* pXrp@  
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. Y*]l|)a6_]  
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). g}\U, (  
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Answer: #fJ/KY
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Notes: D}=/w+  
Actual price=18560/3200=$5.8/unit t;Fbt("]:  
Actual quantity materials per unit=3200/2000=1.6 kg/unit o06A
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1).Standard quantity * standard price=standard total cost R
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(1.5*2000)      *   6        =$18000 BH.:_Qrbh[  
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials 
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（3200-3000）                *  6         =$1200 D 2hAlV)i(  
3)Actual quantity * （actual price- standard price）= Price variance of direct materials !UUmy% 9  
3200         * (5.8 – 6)                    =$640 yVu^ >  
4)actual quantity *actual price =actual total cost c,g]0S?gu  
3200        * 5.8       =$18560 nR=2eBNf  
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A：Price variance of direct materials=（actual price-standard price）*actual quantity [Gh%nsH  
                             = (5.8-6)*3200 =woqHTR  
                             = $640  【F】 GU;TK'Yy?  
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. )]0[`iLe  
i'eYmm96Q  
B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price a# OhWqu$  
                                  = (3200-3000)*6 l^!0|/Vw  
                                  =$1200   【U】 Bd N{[2  
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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. dQWA"6?i  
U|y;b+n`  
OuYE-x2]x"  
C：Total variance of direct materials=actual costs- standard cost 7(nz<z p  
                              =18560-18000 !ch[I#&J-  
                              =560  【U】