[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。） `%%/`Qpj;  
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. eflmD$]SW  
Calculate M’s expected dividends for 2008 if it follows each of the following policies: w"A.*8Iu  
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. ~AqFLv/%  
B. It continues the 2007 dividend payout ratio. i?{cB!7  
C. It uses a residual policy with all distributions in the form of dividends. 0|a,bwZ  
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). ~Ox !7Lp  
2.,4b-^  
A_:CGtv:  
aR- ?t14  
答案在楼下

Answer: _l {`lQ
}  
?RP&XrD  
A: long-run growth rate 3A`|$So  
3*(1+10%) =3.3 million IqA'Vz,lL  
?:sk [f6  
B: target payout ratio u~]O #v  
Target payout ratio=3/15=20% lG1\41ZxB  
Dividend of 2008=18*2%=3.6 million Z,jR:_p  
3Fu5,H EJ  
C: residual dividend approach Q\QSnMM&]  
Retained earnings=total new investment*(1-debt ratio) R^hlfKnt  
                 =12*(1-40%) QWncKE,O$  
                 =7.2 million wr) \G
J#>  
Residual dividend=18-7.2=10.8 million v,[E*qMN  
V*Q!J{lj^#  
D: regular-dividend-plus-extra dividend approach (according to the residual policy) P]~apMi:  
Regular dividend=3*(1+10%) =3.3 million ^t2b`n60  
Extra dividend=residual dividend –regular dividend pO_$8=G+  
              =10.8-3.3
Bn4wr  
              =7.5 million }xA Eu,n^  
#CV;Np  
N6>ert1  
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. Pg''>6w>  
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. 1_=I\zx(  
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. es6]c%o:t^  
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). 'PS_ |zI  
"9^OT  
Answer:
S/2lK*F  
Notes: ~WW!P_wI,  
Actual price=18560/3200=$5.8/unit BzXTHFMSy  
Actual quantity materials per unit=3200/2000=1.6 kg/unit +I<^w)  
_w.H]`C!X  
1).Standard quantity * standard price=standard total cost b_&KL_vo{|  
(1.5*2000)      *   6        =$18000 )8Jf
Bz
R  
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials jap5FG+2  
（3200-3000）                *  6         =$1200 >53Hqzm&  
3)Actual quantity * （actual price- standard price）= Price variance of direct materials o..iT:f;n  
3200         * (5.8 – 6)                    =$640 y0R9[;b07  
4)actual quantity *actual price =actual total cost VE $Kdo^  
3200        * 5.8       =$18560 Gf->N `N  
!r#36kO  
_kZ&t_]  
A：Price variance of direct materials=（actual price-standard price）*actual quantity r+W;}nyf  
                             = (5.8-6)*3200 '}N4SrU$  
                             = $640  【F】 ?^by3\,VZ  
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. P-_2IZiz  
N
?{.}-Q  
B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price DUMC4+i  
                                  = (3200-3000)*6 8+n*S$  
                                  =$1200   【U】 i6FviZx  
o]<@E uG  
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. j9r%OZw{  
) >H11o{&  
?X'l&k>  
C：Total variance of direct materials=actual costs- standard cost *km!<L7Y  
                              =18560-18000 }nK=~Wcu\  
                              =560  【U】