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[专业英语]2008财务成本管理英语加试题答案 [复制链接]

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离线connie
 

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只看楼主 倒序阅读 使用道具 0楼 发表于: 2009-02-13
— 本帖被 阿文哥 从 注会英语 移动到本区(2012-07-02) —
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。) 1Q6WpS  
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. ]iuM2]  
Calculate M’s expected dividends for 2008 if it follows each of the following policies: <m80e),~  
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. _1`*&k JL~  
B. It continues the 2007 dividend payout ratio. DLkNL?a  
C. It uses a residual policy with all distributions in the form of dividends. hp}J_/+4n  
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). ` =!&9o  
+!V*{<K  
Dqe/n_Z  
ho_;;y  
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离线connie

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只看该作者 1楼 发表于: 2009-02-13
Answer: [K[tL|EK  
j[yGfDb  
A: long-run growth rate :*e0Z2=  
3*(1+10%) =3.3 million 2"NRnCx *  
. x~tEe  
B: target payout ratio phUno2fH  
Target payout ratio=3/15=20% -3X#$k8  
Dividend of 2008=18*2%=3.6 million (j+C&*u  
]6< /{b  
C: residual dividend approach @<\f[Znt o  
Retained earnings=total new investment*(1-debt ratio) BSG_),AH  
                 =12*(1-40%) %lV&QQa  
                 =7.2 million 9tXLC|yl?  
Residual dividend=18-7.2=10.8 million @?{n`K7{`  
6z"fBF  
D: regular-dividend-plus-extra dividend approach (according to the residual policy) BG"~yyKA  
Regular dividend=3*(1+10%) =3.3 million `|i #)  
Extra dividend=residual dividend –regular dividend [b J/$A  
              =10.8-3.3 -[v:1\Vv  
              =7.5 million =R!=uml(  
q~r )B }  
1^R@X  
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. X(1nAeQ  
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. 5SK{^hw  
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. , Z#t-?  
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). g||{Qmr=1  
yEtS yb~GK  
Answer: A7 .C  
Notes: P@p(Y2&~g  
Actual price=18560/3200=$5.8/unit |t|+pBB  
Actual quantity materials per unit=3200/2000=1.6 kg/unit R* E/E  
&7T0nB/)  
1).Standard quantity * standard price=standard total cost 8[ 1D4d  
(1.5*2000)      *   6        =$18000 `Te n2(D  
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials >ALU}o/  
(3200-3000)                *  6         =$1200 /+P 4cHv]F  
3)Actual quantity * (actual price- standard price)= Price variance of direct materials O:RPH{D  
3200         * (5.8 – 6)                    =$640 |h*H;@$  
4)actual quantity *actual price =actual total cost J:'cj5@  
3200        * 5.8       =$18560 E*7B5  
WhSQ>h!@s  
"4H&wHhT!  
A:Price variance of direct materials=(actual price-standard price)*actual quantity 3ZU`}  
                             = (5.8-6)*3200 s9~W( Wi  
                             = $640  【F】 _C&2-tnp  
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. 1a| q&L`o  
@W=#gRqQPy  
B:Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price  e1S |&W8  
                                  = (3200-3000)*6 A"\kdxC  
                                  =$1200   【U】 85m[^WGyh  
Q4TI '/  
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. n%3rv?m7  
5l2Ph4(  
7NMQUN7k '  
C:Total variance of direct materials=actual costs- standard cost fg%I?ou  
                              =18560-18000 II)\rVP5  
                              =560  【U】
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