[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。） g@.$P>Bh  
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. uO?+vYAN  
Calculate M’s expected dividends for 2008 if it follows each of the following policies: nM,:f)z  
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. >=~\b  
B. It continues the 2007 dividend payout ratio. 8nz({Mb9Z  
C. It uses a residual policy with all distributions in the form of dividends. 5/meH[R\M  
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). S;|:ci<[=  
(3#PKfY+  
Ey6R/M)?:y  
O9=/\Kc  
答案在楼下

Answer: \}jMC  
Z8$}Rpo  
A: long-run growth rate Q&9
yrx.  
3*(1+10%) =3.3 million 7|rH9Bc{U  
NBikYxa  
B: target payout ratio 20:F$d  
Target payout ratio=3/15=20% @^{Hq6_`  
Dividend of 2008=18*2%=3.6 million l_B735  
ys_2?uv  
C: residual dividend approach 8@3K, [Mo  
Retained earnings=total new investment*(1-debt ratio) .l}Ap7@  
                 =12*(1-40%) Jt~Ivn,  
                 =7.2 million 3jmo[<p*x
 
Residual dividend=18-7.2=10.8 million YQVo7"`%  
O-iE0t  
D: regular-dividend-plus-extra dividend approach (according to the residual policy) TpjiKM  
Regular dividend=3*(1+10%) =3.3 million Ni$'# W?t  
Extra dividend=residual dividend –regular dividend .RD<]BxJ  
              =10.8-3.3 mScv7S~/s  
              =7.5 million x4_
IUIgh  
_O9V"DM  
tgRj8 @  
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 $18.560. MKK ^-T  
A. Calculate the direct material price variance for July. Indicate whether it is favorable  (F) or unfavorable (U) and who is generally responsible for this variance. #Z&/w.D2  
B. Calculate the direct material quantity variance for July. Indicate whether it is favorable (F) or unfavorable (U) and who is generally responsible for this variance. WT *"V<Z  
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). , X5.|9  
@W,jy$U  
Answer: GP:<h@:798  
Notes: iFI74COam  
Actual price=18560/3200=$5.8/unit XLh)$rZ  
Actual quantity materials per unit=3200/2000=1.6 kg/unit `L1,JE` q  
6 FS%9.Ws  
1).Standard quantity * standard price=standard total cost (?FH`<  
(1.5*2000)      *   6        =$18000 m/HT3<F  
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials Vl^(K_`(  
（3200-3000）                *  6         =$1200 spK8^sh  
3)Actual quantity * （actual price- standard price）= Price variance of direct materials F(")ga$r  
3200         * (5.8 – 6)                    =$640 lExQp2E  
4)actual quantity *actual price =actual total cost KE?t?p  
3200        * 5.8       =$18560 05UN <l]  
?K1B^M=8  
8}/DD^M  
A：Price variance of direct materials=（actual price-standard price）*actual quantity | dQ>
)_  
                             = (5.8-6)*3200 . i0K-B  
                             = $640  【F】 V&Y`?Edc  
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. :X2_#qW#C  
9QZa
a(vN  
B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price o3WOp80hz  
                                  = (3200-3000)*6 _&KqmQ8$7  
                                  =$1200   【U】 }F08o,`?  
C{)1#<`  
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. XF`2*:7  
r>mBe;[TX  

~ |G&cg  
C：Total variance of direct materials=actual costs- standard cost T,38Pu@r  
                              =18560-18000 @T1G#[C~t  
                              =560  【U】