[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。） Kr|.I2?"  
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. ). (y#zJ7P  
Calculate M’s expected dividends for 2008 if it follows each of the following policies: ]cmX f
 
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. g|$;jQ\_  
B. It continues the 2007 dividend payout ratio. ey4.Hj#T  
C. It uses a residual policy with all distributions in the form of dividends. [>\|QS|  
D. It employs a regular-dividend-plus-extras policy, with the regular dividend being based on the long-run growth rate and the extra dividend being set according to the residual policy(Indicate the regular dividend and the extra dividend separately). {]dtA&8(  
PR$;*|@  
IOuqC.RJ}o  
6j6;lNUc  
答案在楼下

Answer: 5Lej_uqF   
Px \cT  
A: long-run growth rate rZaO^}u]  
3*(1+10%) =3.3 million YE{t?Y\5  
bP#!U'b"=  
B: target payout ratio /9I/^i~  
Target payout ratio=3/15=20% \i%mokfbc  
Dividend of 2008=18*2%=3.6 million vI5lp5( -3  
X<[ qX*  
C: residual dividend approach zB`woI28  
Retained earnings=total new investment*(1-debt ratio) flFdoEV.U)  
                 =12*(1-40%) +?m.uY(  
                 =7.2 million 1d]F$>  
Residual dividend=18-7.2=10.8 million \P?X`]NwnO  
(A6~mi r!  
D: regular-dividend-plus-extra dividend approach (according to the residual policy) TSsZzsdr2  
Regular dividend=3*(1+10%) =3.3 million LjG^c>[:m  
Extra dividend=residual dividend –regular dividend e}d(.H%l0  
              =10.8-3.3 X V;j6g  
              =7.5 million ^9q#,6  
Hy[: _E  
%6 0 OS3  
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. ^sLx3a  
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. :Q3p P"H,}  
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. @&O4a2+  
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). %sr- xE  
qclc--fsE  
Answer: '"\M`G  
Notes: &gY) x{  
Actual price=18560/3200=$5.8/unit R54
[U  
Actual quantity materials per unit=3200/2000=1.6 kg/unit #H>{>0q  
V1V0T ,  
1).Standard quantity * standard price=standard total cost 4#03x:/<\  
(1.5*2000)      *   6        =$18000 c!4F0(n4  
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials 4r1 \&sI$~  
（3200-3000）                *  6         =$1200 x2#JD|0  
3)Actual quantity * （actual price- standard price）= Price variance of direct materials j"69uj` R  
3200         * (5.8 – 6)                    =$640 _2 hLc\#  
4)actual quantity *actual price =actual total cost ~&73f7  
3200        * 5.8       =$18560 K\F0nToJ.  
V<0iYi;4=  
gtA34iw  
A：Price variance of direct materials=（actual price-standard price）*actual quantity 0^-1d2Z~  
                             = (5.8-6)*3200 !EB<N<P"t  
                             = $640  【F】 rXX>I;`&  
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. 
V>'  
PFh ^Z L  
B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price (
[u|j  
                                  = (3200-3000)*6 vv @m{,7#Y  
                                  =$1200   【U】 -o6rY9\_!  
-Qn7+?P  
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. `)n4I:)2  
'{,xQf*x  
Y7VO:o  
C：Total variance of direct materials=actual costs- standard cost K}R+~<bIY  
                              =18560-18000 ;Y`Y1  
                              =560  【U】