财务管理双语课程作业.doc

福建农林大学
本科生课程作业封面
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（2010至2011学年度第二学期）
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课程名称： 财务管理 （双语）
授课老师：　 张瑞琛　　

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作业一：Chapter 2, P35, Q5
Book Values Versus Market Values Under standard accounting rules,it is possible for a company's liabilities to exceed its assets.When this occurs,the owner's equity is negative.Can this happen with market values?Why or why not?

作业二：Chapter 3, P71, Q1
Financial Ratio Analysis A financial ratio by itself tells us little about a company since financial ratios vary a great deal across industries.These are two basic methods for analyzing financial ratios for a company : time trend analysis and peer group analysis.Why might each of these analysis methods be useful?What does each tell you about the company's financial health?

作业三：Chapter 4, P103, Q3
Present Value Suppose two athletes sign 10-year contracts for $80 million.in one case,we're told that the $80 million will be paid in 10 equal installments.In the other case ,we're told that the $80 million will be paid in 10 installments, but
the installments will increase by 5 percent per year.Who got the better deal ?

作业四：Chapter 5, P135, Q17
Bond prices versus yields
a.What is the relationshipu between the price of a bond and its YTM?
b.Explain why some bonds sell at a premium over par value while other bonds sell at a discount.What do you know about the relationship between the coupon rate and the YTM for premium bonds ?What about for discount bonds ?For bonds selling at pat value?
c.What is the relationship between the current yield and YTM for premium bonds? For discount bonds? For bonds selling at par value?

作业五：Chapter 6, P165, Q4
Form accounting ,we know that earnings are divided into two parts:dividends and retained earnings. Most firms continually retain earnings in order to create future dividends. One should not discount earnings to obtain price per share since part of earnings must be reinvested .
Only dividends reach the stockholders and only they should be discounted to obtain share price.
作业六：Chapter 7, P193,
Q4(add
“define
a)Payback period
b)Internal rate of return
c)Net present value”
Payback and internal rate of return A project has perpetual cash flows of C per period, a cost of I,and a required rerurn of R. What is the relationship between the project's payback and its IRR? What implications does your answer have for long-lived projects with relatively constant cash flows?

作业七：Chapter8, P214, Q2
Incremental cash flows Which of the following should be treated as an incremental cash flow when computing the NPV of an investment ?
a. A reduction in the sales of a company's other products caused by the investment.
b. An expenditure on plant and equipment that has not yet been made and will be made only if the project is accepted.
c. Costs of research and development undertaken in connection with the product during the past three years.
d. Annual depreciation expense from the investment.
e. Dividend payments by the firm.
f. The resale value of plant and equipment at end of the project's life.
g. Salary and medical costs for production personnel who will be employed only if the project is accepted.
作业八：Chapter 8, The information of a project as following (i=10%) ,

Year 1
Year 2
Year 3
Year 4

Sales

7,000
7,000
7,000
7,000

Costs

2,000
2,000
2,000
2,000

Depreciation

2,500
2,500
2,500
2,500

EBT

Tax

850
850
850
850

Net income

OCF
0

Capital spending
10,000
0
0
0
0

Net Working Captial
–200
–250
–300
–200
950

Incremental cash flow

Please
a) Finish the table
b) Calculate the NPV
c) Calculate the IRR
d) Critically evaluate this project.

作业九：Chapter 9,
A company investment 1,500,000(＄) to a project in the first year, and the project can be operated about 5 years. The revenue and the variable costs each year of the project as following (I=13%):

Pessimistic
Expected
Optimistic

Revenue
2,783,000
3,600,000
4,387,500

Variable costs
1,742,400
2,100,000
2,386,800

Fixed costs
850,000
800,000
750,000

Depreciation
300,000
300,000
300,000

EBT

Tax
–43,760
160,000
380,280

Net income

OCF

The company should accept the project?
作业十：Chapter 12, P310, Q6
作业十一：Chapter13, P340, Q10
作业十二：Chapter 15, P394, Q4
作业十三：Chapter 17, P448, Q3

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B比率分析法和比较分析法不能测算出各因素的影响程度。√
C采用约当产量比例法，分配原材料费用与分配加工费用所用的完工率都是一致的。Ｘ
C采用直接分配法分配辅助生产费用时，应考虑各辅助生产车间之间相互提供产品或劳务的情况。错
C产品的实际生产成本包括废品损失和停工损失。√
C成本报表是对外报告的会计报表。×
C成本分析的首要程序是发现问题、分析原因。×
C成本会计的对象是指成本核算。×
C成本计算的辅助方法一般应与基本方法结合使用而不单独使用。√
C成本计算方法中的最基本的方法是分步法。X
D当车间生产多种产品时，“废品损失”、“停工损失”的借方余额，月末均直接记入该产品的产品成本
中。×
D定额法是为了简化成本计算而采用的一种成本计算方法。×
F“废品损失”账户月末没有余额。√
F废品损失是指在生产过程中发现和入库后发现的不可修复废品的生产成本和可修复废品的修复费用。Ｘ
F分步法的一个重要特点是各步骤之间要进行成本结转。(√)
G各月末在产品数量变化不大的产品，可不计算月末在产品成本。错
G工资费用就是成本项目。(×)
G归集在基本生产车间的制造费用最后均应分配计入产品成本中。对
J计算计时工资费用，应以考勤记录中的工作时间记录为依据。(√)
J简化的分批法就是不计算在产品成本的分批法。(×)
J简化分批法是不分批计算在产品成本的方法。对
J加班加点工资既可能是直接计人费用，又可能是间接计人费用。√
J接生产工艺过程的特点，工业企业的生产可分为大量生产、成批生产和单件生产三种，X
K可修复废品是指技术上可以修复使用的废品。错
K可修复废品是指经过修理可以使用，而不管修复费用在经济上是否合算的废品。Ｘ
P品种法只适用于大量大批的单步骤生产的企业。×
Q企业的制造费用一定要通过“制造费用”科目核算。Ｘ
Q企业职工的医药费、医务部门、职工浴室等部门职工的工资，均应通过“应付工资”科目核算。Ｘ
S生产车间耗用的材料，全部计入“直接材料”成本项目。Ｘ
S适应生产特点和管理要求，采用适当的成本计算方法，是成本核算的基础工作。(×)
W完工产品费用等于月初在产品费用加本月生产费用减月末在产品费用。对
Y“预提费用”可能出现借方余额，其性质属于资产，实际上是待摊费用。对
Y引起资产和负债同时减少的支出是费用性支出。X
Y以应付票据去偿付购买材料的费用，是成本性支出。X
Y原材料分工序一次投入与原材料在每道工序陆续投入，其完工率的计算方法是完全一致的。Ｘ
Y运用连环替代法进行分析，即使随意改变各构成因素的替换顺序，各因素的影响结果加总后仍等于指标的总差异，因此更换各因索替换顺序，不会影响分析的结果。(×)
Z在产品品种规格繁多的情况下，应该采用分类法计算产品成本。对
Z直接生产费用就是直接计人费用。X
Z逐步结转分步法也称为计列半成品分步法。√

A按年度计划分配率分配制造费用，“制造费用”账户月末(可能有月末余额/可能有借方余额/可能有贷方余额/可能无月末余额)。
A按年度计划分配率分配制造费用的方法适用于(季节性生产企业)