[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。） wM;9plYlw0  
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. [8VB"{{&  
Calculate M’s expected dividends for 2008 if it follows each of the following policies: bw8~p%l?  
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. JRm:hf'  
B. It continues the 2007 dividend payout ratio. l(T CF  
C. It uses a residual policy with all distributions in the form of dividends. <[H1S@{W  
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). <Cvlz^K[  
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答案在楼下

Answer: 3%]%c6  
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A: long-run growth rate ?*
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3*(1+10%) =3.3 million -,Q !:  
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B: target payout ratio VfJYYR  
Target payout ratio=3/15=20% *7Ct#GC  
Dividend of 2008=18*2%=3.6 million 0sv#* &0=  
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C: residual dividend approach ;/fZh:V2  
Retained earnings=total new investment*(1-debt ratio) h&+dIk\[3  
                 =12*(1-40%) [lpzUB}<Yp  
                 =7.2 million Jp EE'#r|  
Residual dividend=18-7.2=10.8 million Vf#X[$pc/  
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D: regular-dividend-plus-extra dividend approach (according to the residual policy) 6.},y<E  
Regular dividend=3*(1+10%) =3.3 million Sni Ck*T,  
Extra dividend=residual dividend –regular dividend .v36xXK(  
              =10.8-3.3 #Mt'y8|}$  
              =7.5 million Fu0 dYN  
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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 $18.560. _\YBB=Os  
A. Calculate the direct material price variance for July. Indicate whether it is favorable  (F) or unfavorable (U) and who is generally responsible for this variance. Z5re F
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B. Calculate the direct material quantity variance for July. Indicate whether it is favorable (F) or unfavorable (U) and who is generally responsible for this variance. ?GPTJ#=j=]  
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). N/QTf1$  
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Answer: Amf gc>eJ  
Notes: ~6z<tyD^  
Actual price=18560/3200=$5.8/unit ,y}?Z8?63  
Actual quantity materials per unit=3200/2000=1.6 kg/unit P08=?  
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1).Standard quantity * standard price=standard total cost UI}v{0
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(1.5*2000)      *   6        =$18000 \kU0D  
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials w yP|#Z\  
（3200-3000）                *  6         =$1200 ufE;rcYE  
3)Actual quantity * （actual price- standard price）= Price variance of direct materials 0Ym+10g  
3200         * (5.8 – 6)                    =$640 {<{ O!  
4)actual quantity *actual price =actual total cost ?El8:zt?|  
3200        * 5.8       =$18560 p]/HZS.-b  
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A：Price variance of direct materials=（actual price-standard price）*actual quantity 45` i  
                             = (5.8-6)*3200 z^z_!@7v   
                             = $640  【F】 +;uP) "Q/L  
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. P,-f]k[_  
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B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price +eSNwR=  
                                  = (3200-3000)*6 4RCD< 7  
                                  =$1200   【U】 ^'j? {@  
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Efficiency variance of $1200 【U】 due to the higher quantity of materials per unit of 1.6 kg/unit than the standard level of 1.5 kg/unit. 36mp+}R#  
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C：Total variance of direct materials=actual costs- standard cost \vj<9ke&  
                              =18560-18000 fgrflW$  
                              =560  【U】