[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。） d"p2Kx'*3
 
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. HD~jU>}}  
Calculate M’s expected dividends for 2008 if it follows each of the following policies: mj,qQ=n;p  
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. sk\_[p  
B. It continues the 2007 dividend payout ratio. SDJ
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C. It uses a residual policy with all distributions in the form of dividends. b e_C>v  
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). t3Qm-J}wSB  
s.bT[0Vl  
zv|M*Wu  
u & AQl.u  
答案在楼下

Answer: tru;;.lj8K  
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A: long-run growth rate JO}#f+w}  
3*(1+10%) =3.3 million @'@s*9Nr  
Bmi:2} j  
B: target payout ratio ;`;G/1]#9  
Target payout ratio=3/15=20% ]VzqQ=U%  
Dividend of 2008=18*2%=3.6 million ,^n-L&  
Zm`'MsgFr  
C: residual dividend approach :,urb*  
Retained earnings=total new investment*(1-debt ratio) >a?
OXqYP  
                 =12*(1-40%) 3$MYS^D  
                 =7.2 million  M" xZz  
Residual dividend=18-7.2=10.8 million **Qe`}E:  
M-}j9,oR`  
D: regular-dividend-plus-extra dividend approach (according to the residual policy) ',L{CQA?c  
Regular dividend=3*(1+10%) =3.3 million cZCGnzy  
Extra dividend=residual dividend –regular dividend "sz.v<F0:s  
              =10.8-3.3 6#OL ;Y]_  
              =7.5 million $'WapxF  
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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. iMP*]K-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. P@^z:RS*{  
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. \[@Q}k[  
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). g5lmUKlQ$0  
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Answer: j;1~=j])  
Notes: stf,<W  
Actual price=18560/3200=$5.8/unit +Q@/F~1@6@  
Actual quantity materials per unit=3200/2000=1.6 kg/unit I}6
DoL bV  
3bT6W,J4T  
1).Standard quantity * standard price=standard total cost J=f:\]@Oy  
(1.5*2000)      *   6        =$18000 {bAWc.  
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials y
YxeNE"  
（3200-3000）                *  6         =$1200 V6DBKq  
3)Actual quantity * （actual price- standard price）= Price variance of direct materials m;;0 Cl  
3200         * (5.8 – 6)                    =$640 *F26}q  
4)actual quantity *actual price =actual total cost ;'2`M  
3200        * 5.8       =$18560 3i@ "D  
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A：Price variance of direct materials=（actual price-standard price）*actual quantity dv1x78xG>  
                             = (5.8-6)*3200 el2*\(XT  
                             = $640  【F】 ~8KF<2c   
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. =j'J !M  
(T>?8K_d  
B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price 2uJNc!&  
                                  = (3200-3000)*6 v!pj v%  
                                  =$1200   【U】 0)6i~MglY  
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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. fg>B  
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I =tyQ`  
C：Total variance of direct materials=actual costs- standard cost 4~m.#6MT  
                              =18560-18000 7/p J6>  
                              =560  【U】