[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。） \DcO.`L  
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. %J8uVD.2  
Calculate M’s expected dividends for 2008 if it follows each of the following policies: uvl>Z= "  
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. .Vrl:  
B. It continues the 2007 dividend payout ratio. # TZ`   
C. It uses a residual policy with all distributions in the form of dividends. P
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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). o8X? 1  
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答案在楼下

Answer: hi/Z>1ZOX  
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A: long-run growth rate &$ fyY:<\  
3*(1+10%) =3.3 million sB5@6[VDI  
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B: target payout ratio @F/,~|{iM  
Target payout ratio=3/15=20% ZK h4:D  
Dividend of 2008=18*2%=3.6 million OAaLCpRp  
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C: residual dividend approach "m`}J*s"  
Retained earnings=total new investment*(1-debt ratio) Zb&"W]HSf  
                 =12*(1-40%)  kGAB'  
                 =7.2 million 1amEQ  
Residual dividend=18-7.2=10.8 million Uy|Tu~  
PZVH=dagq  
D: regular-dividend-plus-extra dividend approach (according to the residual policy) MDBqIL]Hc  
Regular dividend=3*(1+10%) =3.3 million h; 6G~D  
Extra dividend=residual dividend –regular dividend DOOF--ua  
              =10.8-3.3 j`#H%2W\;  
              =7.5 million #jsN  
UOyM=#ipY  
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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. *'*n}fM  
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. |;\pAZ2  
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. xd\ml 37~  
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). <7! "8e  
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Answer: WD1>{TSn  
Notes: !<out4Mz"  
Actual price=18560/3200=$5.8/unit ?*.:*A  
Actual quantity materials per unit=3200/2000=1.6 kg/unit NkoyEa/^[  
ilyF1=bp  
1).Standard quantity * standard price=standard total cost G'`^U}9V\  
(1.5*2000)      *   6        =$18000 7yjun|Lt}X  
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials Sk-Q 4D^  
（3200-3000）                *  6         =$1200 .<Ays?  
3)Actual quantity * （actual price- standard price）= Price variance of direct materials zN9#qlfv  
3200         * (5.8 – 6)                    =$640 b7'l3mQjk  
4)actual quantity *actual price =actual total cost 0+&K;  
3200        * 5.8       =$18560 >f4[OBc  
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A：Price variance of direct materials=（actual price-standard price）*actual quantity #=)!\
 
                             = (5.8-6)*3200 G9Noch9 g  
                             = $640  【F】 zG{jRth  
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. abv*X1  
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B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price >I-rsw2  
                                  = (3200-3000)*6 <Mu T7x-  
                                  =$1200   【U】 t/_\w"  
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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. `+0dz,  
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(BngwLVDK  
C：Total variance of direct materials=actual costs- standard cost +43~4_Oj  
                              =18560-18000 vvs2:87zvJ  
                              =560  【U】