[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。） i@YM{FycX  
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. c<)O#i@3/  
Calculate M’s expected dividends for 2008 if it follows each of the following policies: %SMP)4Y/R  
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. ARB
^]  
B. It continues the 2007 dividend payout ratio. eGrxS;NY  
C. It uses a residual policy with all distributions in the form of dividends. g3'yqIjQL  
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). w4uY/!~k  
^12} #
I  
0ARj3
 
!xC IvKW  
答案在楼下

Answer: ==W] 1@s  
")GrQv a  
A: long-run growth rate V34]5  
3*(1+10%) =3.3 million uI&<H T?
 
Ha!]*wg#  
B: target payout ratio bdyE9t   
Target payout ratio=3/15=20% ca!x{,Cvnj  
Dividend of 2008=18*2%=3.6 million jE, oEt O;  
]0@ J)Z09  
C: residual dividend approach @arMg2"o  
Retained earnings=total new investment*(1-debt ratio) .l]w4Hf  
                 =12*(1-40%) vM/D7YS:  
                 =7.2 million i<u k}  
Residual dividend=18-7.2=10.8 million E{Y)=tW[  
Z=/bD*\g  
D: regular-dividend-plus-extra dividend approach (according to the residual policy) 9y&&6r<I  
Regular dividend=3*(1+10%) =3.3 million y{uN+QS  
Extra dividend=residual dividend –regular dividend x5nw/''[2  
              =10.8-3.3 2/G`ej!*  
              =7.5 million ,W&::/2<7  
pr"~W8  
}^3ICwzm  
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. "0A !fRI~  
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. j[YO1q*  
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. -D30(g{ O  
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). ejPK-jxCa/  
YumHECej  
Answer: j.y
8H  
Notes: "':u#UdS  
Actual price=18560/3200=$5.8/unit b!-F!Lq/+0  
Actual quantity materials per unit=3200/2000=1.6 kg/unit [H2"z\\u  
d+:pZ  
1).Standard quantity * standard price=standard total cost 3eS *U`_  
(1.5*2000)      *   6        =$18000 SXfAw)-n  
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials _0]{kB.$_  
（3200-3000）                *  6         =$1200 \A9hYTC)  
3)Actual quantity * （actual price- standard price）= Price variance of direct materials -_|U"C$  
3200         * (5.8 – 6)                    =$640 H$n{|YO `  
4)actual quantity *actual price =actual total cost N|L Ey  
3200        * 5.8       =$18560 OQm-BL  
=M+enSu  
SPK% '
s  
A：Price variance of direct materials=（actual price-standard price）*actual quantity X`FFI6pb  
                             = (5.8-6)*3200 Qh. : N  
                             = $640  【F】 Oe*+pReSD  
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. V$XCe  
F`\7&'I  
B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price 8'X:}O/  
                                  = (3200-3000)*6 A~UDtXN*4  
                                  =$1200   【U】 jI9Kn41  
ir*T,O 2J  
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. $f^ \fa[  
-P>f2It  
ROB/#Td  
C：Total variance of direct materials=actual costs- standard cost 89{@2TXR
 
                              =18560-18000 a\m@I_r.N  
                              =560  【U】