上海CMA新P2 1

MODULE
Part 2_Financial 34 TAXES:

Statement
TRANSACTIONS IN PROPERTY
Analysis
Certification flow
• Being a member of CMA
– “International membership form”
– Membership fee $195 for the 1st year, and $225 thereafter
• Paying the Entrance Fee of $200
– Must be paid before taking the examinations
– Not refundable
– Must pass two parts within three years, otherwise
entrance fee will be repaid
– Must register for an exam part within 12 month of entering
the program, otherwise entrance fee will be repaid
CMA-Part2 Copyright 高才国际教育集

团
Certification flow
• Register for the exam
– “CMA Exam Registration Form”
– Exam fee
• $225 for part T
• $350 for part 1 and part 2
• $600 for part 1 and part 2 in the same testing window
(if unable to take both, refund will be 225=600-350-
25)
• Not refundable after 30 days of registration
• Refundable within 30 days of registration if there is
no test appointment, with a deduction of $25
processing fee

团
Certification flow
• Register for the exam (cont)
– Schedule your exam appointment with Prometric after
receipt of a registration acknowledgement providing
your authorization number and authorization window.
– Testing window for part 1 and part 2
• January and February
• May and June
• September and October
– Can not take an exam part more than one time during
a testing window and no more than three times in
a 12-month period

团
Certification flow
• Register for the exam (cont)
– If unable to keep a scheduled appointment at
Prometric, you must cancel 72 hours prior to your
appointment date.
– To cancel an appointment, call Prometric at (800)
479-6370, Monday through Saturday, or go to
www.prometric.com/ICMA.
– If you do not comply with this cancellation policy, you
will be considered a "no-show" and will need to re-
register with ICMA and repay the examination fee.

团
Certification flow
• Taking the exam
– 100 multiple-choice questions (3 hours with a weight
of 75%) and two 30-minute essay questions (1 hour
with a weight of 25%)
– You MUST score at least a 50% on the multiple-
choice section of the exam to be allowed to take the
essay section.
– Once you complete the multiple-choice section, you
cannot go back.
– The scoring range on the new two-part format will be
0 to 500 with 360 as a passing score (200-700 with
500 as a passing score for T exam).

团
Certification flow
• Exam results
– Immediate results will not be provided because the
essay questions will be graded offline after about 6
weeks.
– Final results will be mailed to you and are also
available online in your Account Profile transcript.
– You can also check your CPE record (if you get the
relevant CPE points then you have passed the exam)
– Candidates who do not pass an exam part will receive
a performance report for the multiple choice section.
– Ask IMA via email/telephone if not receiving the result
over 6 weeks.

团
Certification flow
• Experience qualification
– Two-year full time continuous professional experience
prior to completing the examination or within seven years
of passing the examination
– Continuous part-time positions of 20 hours per week
meeting the definition of qualified experience will count
toward this requirement at a rate of one year of
experience for every two years of part-time employment.
– “Confirmation of CMA experience requirement”

团
Certification flow
• Education qualification
– Verification must be presented prior to completing the
examination or within seven years of passing the
examination
– Hold a bachelor degree. (Official English translation
with the chop of your university or certified copy)
– NO alternatives. The GMAT/GRE and Professional
Designation alternatives to the Bachelor’s degree
education requirement are eliminated.

团
Study method

团
Coverage
• Learning outcome statements
• Level A: knowledge, comprehension
• Level B: application, analysis plus Level A
• Level C: synthesis, evaluation plus Level B
• Financial statement analysis 25% Level C

• Corporate finance 25% Level C
• Decision analysis and risk management
25% Level C
• Investment decisions 20% Level C
• Professional ethics 5% Level C

团
Financial statement analysis
• Basic Financial Statement Analysis

• Financial Performance Metrics – Financial Ratios
• Profitability Analysis
• Analytical Issues in Financial Accounting

团
Basic financial statement analysis
• Basic financial statements include:
– Balance sheet (financial position at a moment)
– Income statement (operation result during a period of
time)
– Cash flow statement
– Statement of retained earnings
– Notes to financial statements
• Company status
• Basis of preparation: GAAP, going concern
• Significant accounting policy: accounting year,
measurement basis, functional currency…
• Detailed disclosure of each account
团
Users of financial statements
• Direct interest
– (Potential) investors (external users)
• Increase/decrease investment in the company
– Suppliers or creditors (external users)
• Extend credit period
– Employees (internal users)
• Wage negotiation
– Management (internal users)
• Evaluate performance and plan for future

团
Users of financial statements
• Indirect interest
– Financial advisers and analysts (external users)
• Help investors evaluate investment
– Stock markets or exchanges (external users)
• Accept IPO application
– Regulatory authorities (external users)
• Evaluate conformity with regulations

团
Limitations of the Financial Statements
• Balance sheet
– Only reflection the position of a single point in time,
significant changes may occur around the time point
– Historical cost
– No record of some contingent liabilities, e.g. lawsuit
• Income statement
– No coverage on other comprehensive income (OCI)
• Cash flow statement
– Hard time in classifying the three activities, operating,
financing and investing
– Less usage of direct method

团
Balance sheet
• Assets = Liabilities + Equity
• Assets (Resource structure)
• Arise from past transaction
• Currently owned by the company
• Will result in future economic inflow to the company
– Current assets (in descending order of liquidity)
• Cash and cash equivalents
• Short-term investment
• Receivables
• Inventories
• Prepaid expenses

团
Balance sheet
• Assets (cont)
– Noncurrent assets
• Long-term investment
• Property, plant and equipment (PPE)
• Intangible assets
• Other noncurrent assets
– Long-term prepayments
– Deferred tax assets arising from interperiod tax
allocation

团
Balance sheet
• Liabilities and equity (Financing structure)
• Arise from past transaction
• Currently owned by the company
• Will result in future economic outflow to the company
– Current liabilities
• Accounts payable
• Wages payable
• Notes payable
• Unearned revenues
• Income taxes payable
• Current maturities of long-term debt

团
Balance sheet
• Liabilities and equity (cont)
– Noncurrent liabilities
• Long-term notes payable
• Bonds payable
• Liabilities under capital lease
• Pension obligations
• Deferred tax liability arising from interperiod tax
allocation
• Obligations under warranty
• Deferred revenue
• Advance from long-term commitment to provide
goods or services
团
Balance sheet
• Liabilities and equity (cont)
– Equity
– The residual interest after total liabilities are deducted
from total assets and also is referred to be net assets
• Paid-in capital
– Preferred stock
– Common stock
– Additional paid-in capital (amount received in
excess of par value)
• Retained earnings
• Treasury stock
• Accumulated OCI
团
Income statements
• Income statements ( prepared on an accrual basis)
• Income (loss) = revenue – expenses + gains – losses
– Revenue and expenses come from normal business
operation
– Gains and losses come from incidental transactions
• Transactions not included in income statements
– Transactions with owners
– Prior-period adjustment
– Items reported initially in other comprehensive income
– Transfers to and from appropriated retained earnings
– Adjustment made in a quasi-reorganization

团
Quasi-reorganization
• Quasi-reorganization 帐面重组
• Procedure used to eliminate a retained earnings deficit by restating
certain assets, liabilities, and capital accounts. It allows a company
a fresh start when it appears that operations can be turned around.
It permits the company to proceed on much the same basis as if it
had been legally reorganized, without the difficulty and expense
generally connected with such a legal reorganization. Stockholders
and creditors must agree to it.
• The following steps are taken:
• (1) assets are written down to fair market value;
• (2) capital stock is restated, creating additional paid-in capital by
reducing par value; and
• (3) a zero balance in retained earnings is created by eliminating the
deficit in retained earnings by transferring part of capital to the
account. Retained earnings bear the date of the quasi-
reorganization.
团
Income statements
• Income (loss) from continuing operation
– Net sales = revenues – sales discount – sales returns and
allowances
– Cost of goods sold = beginning FG + cost of goods
manufactured – ending FG
– Cost of goods manufactured = beginning WIP/RM + all
manufacturing costs incurred during the period(DM,DL,OVH) –
ending WIP/RM
– Selling expenses
– General and administration expenses
– Financial expenses
– Other revenue and expenses
– Income tax expenses
– Income from continuing operations

团
Income statements
• Single-step Income statements

团
Income statements
• Multi-step Income statements
The major distinction

between single and multi-
step income statements is
the separation of operating
and nonoperating data.

团
Income statements
• Condensed Income statements

团
Income statements-irregular items
• Discontinued operation, net of tax
– Income or loss from operations of the division from
the first day of the reporting period to the date of
disposal
– Gain or loss on the disposal of the divisions
• Extraordinary items, net of tax
– Unusual in nature
– Infrequent in occurrence
• EPS should be presented on the face of the income
statement or in the notes

团
Comprehensive income
• Report below net income, which has not been realized
– Changes in FV of available-for-sale securities
– Foreign currency translation adjustment if a foreign operation is
relatively self-contained and integrated within its environment
– The excess of an additional pension liability over any prior
service cost
– Effective portion of the changes in the FV of the derivative
designated for the cash flow hedge
– Foreign currency transaction gains and losses from
• Transactions designated and effective as economic hedges
of a net investment in a foreign entity
• Transactions that are in effect long-term investments in
foreign entities to be consolidated, combined, or accounted
for by the equity method.

团
Statement of retained earnings
• Statement of retained earnings
Beginning retained earnings
+/- Prior period adjustments (net of tax)
+/- Net income (loss)
- Dividend declared
- Certain other rare items (quasi-reorganization)
Ending retained earnings
• Dividend
– Declaration vs payment
– Cash dividend
– Stock dividend
– Stock split
团
Statement of cash flows
• Operating activities- direct method
– Cash inflows
• Cash collected from customers
• Sale of trading securities
• Interest earned
• Dividends received on equity investments
• Other operating cash receipts
– Cash outflows
• Cash paid to suppliers
• Purchase of trading securities Any difference Vs.China
• Interest expenses GAAP?
• Salaries and wages
• Taxes
• Other operating cash payments

团
• Operating activities- indirect method
• Accrual-basis net income
US GAAP
• Additions/ (subtraction): allows both
– Decrease /(increase) in receivables methods but
prefer Direct
– Decrease /(increase) in inventories
– Increase /(decrease) in payables
– Depreciation expenses
– Amortization of bond discount /(premium)
– Loss /(gain) on sale of plant assets
– Loss /(income) on investment in equity-method investees
• Net cash inflow/outflow from operating activities (cash basis)

团
Direct method-example
Balmer Company
Cash Flows from Operating Activities
For the Year Ended December 31, 2003
Cash collections from customers $180,000
Cash payments:
To suppliers $72,000
To employees 15,000
For interest 4,000
For taxes 20,000
Total payments 111,000
Net cash provided by operating activities 69,000
Net cash used in investing activities (277,000)
Net cash provided by financing activities 199,000
Net (decrease in cash) $ (9,000)
Cash, December 31, 2002 $25,000
Cash, December 31, 2003 $16,000

团
Indirect method-example
Balmer Company
Statement of Cash Flows (Indirect method)
Year Ended December 31, 2003
Net income $23,000

Adjustments to reconcile net income
Depreciation $ 17,000
Net increase in accounts receivable (20,000)
Net increase in inventory (40,000)
Net increase in accounts payable 68,000
Net increase in wages and salaries payable 21,000
Total additions and deductions 46,000
Net cash provided by operating activities $69,000

团
• Investing activities
– Cash inflows
• Sale of PPE
• Sale of available-for-sale securities
• Sale of held-to-maturity securities
– Cash outflows
• Purchase of PPE
• Purchase of available-for-sale securities
• Purchase of held-to-maturity securities

团
• Financing activities
– Cash inflows
• Sales of bonds
• Issuance of stock
– Cash outflows
• Payment for retirement of debt
• Payment of dividend to shareholders
• Purchase of treasury stock

团
Noncash Financing and Investing
• Retire debts using another debt or issuing stock
• Acquire assets via issuing debts
• Acquire assets via issuing stock
• Assets obtained by entering into lease agreements
• Shall be disclosed in the Notes

团
Comparative Financial
Statement Analysis
• Vertical Financial Statement Analysis
– Reveals the relationship of each statement item to a
specified base, which is the 100% figure
– Every other item on the financial statement is then
reported as a percentage of that base
– e.g. cash is shown as a % of assets, and COGS is
shown as a % of revenue

团
Comparative Financial
Statement Analysis
• Horizontal Financial Statement Analysis
– Study of percentage changes in comparative
statements
– Compute the dollar amount of the change from the
base period to the later period
– Divide the dollar amount of change by the base-
period amount

团
Common-Size Statements
• On a common-size income statement, each item is
expressed as a percentage of net sales
• In the balance sheet, the common size is total assets
• A common-size statement eases the comparison of
different companies

团
Financial Performance Metrics –
Financial Ratios
• Basic Financial Statement Analysis
• Financial Performance Metrics – Financial Ratios
• Profitability Analysis
• Analytical Issues in Financial Accounting

团
Financial Ratios
• Liquidity ratios
• Leverage
• Solvency ratios
• Activity ratios
• Profitability ratios
• Market ratios

团
Liquidity ratios
• Liquidity ratios (pay the current liability)
• Liquidity is the ease of converting assets to cash without
significant price concessions.
• This is its ability to continue operations in the short term
by being able to pay its obligations as they come due.
• Current assets and liabilities: most liquid, to be
converted to cash/settled by cash within 1 yr or the
operating cycle, whichever the longer.

团
Liquidity ratios
• Net working capital = current assets – current liabilities
• Current ratio = current assets/current liabilities
– Too low ratio indicate solvency problem
– Too high ratio indicate idle assets
– Be proportionate to operating cycle
– Quality (turnover rate) of AR and inventory should be
evaluated before comparison

团
Liquidity ratios
• Quick (acid test) ratio = (cash and equivalents +
marketable securities + net receivables)/current liabilities
– Exclude inventories and prepaids due to the difficulty to
liquidate at state values
– More conservative than current ratio
• Cash ratio = (cash and equivalents + marketable
securities)/current liabilities
– More conservative than quick ratio
• Cash flow ratio = cash flow from operations/current
liabilities
• Net working capital ratio = net working capital/total
assets

团
Liquidity ratios
• Liquidity index
– Quantify overall asset current liquidity, it measures how
quickly current asset (besides money and money
equivalence) can be converted to cash.
– Calculation (example)
Items (1) Amount ($) (2) Days for cash (1)X(2)

Cash (incl. short-term securities) 40,000 0 0
Account receivable 40,000 20 800,000
Inventory 20,000 35 700,000
Total 100,000 1,500,000
–
LiquidityLiquidity is inversely related
Index=1,500,000/100,000=15 to the index.

团
Leverage
• Leverage is using fixed costs to magnify the potential
return to a firm.
• Leverage Means Risk
– Leverage is a double-edged sword
– It magnifies profits as well as losses
– An aggressive or highly leveraged firm has high fixed costs
– A conservative or non-leveraged firm has low fixed costs
– Business Risk
– Fixed operating costs
– Operating
– e.g. rent, depreciation leverage
Fixed Costs
– Fixed financial costs – Financial Risk

– e.g. interest costs – Financial
from debt leverage

团
Operating leverage
• Operating risk: the inherent risk that exist with no liability
• Operating leverage: at certain amount of fixed cost, the effect
of change in sales quantity on change in EBIT
• DOL= %∆ in EBIT/%∆ in sales
• Simple approach: DOL= sales/EBIT

• The more fixed cost used, the higher DOL, the greater
operating risk

团
Financial leverage
• Financial risk: the risk that due to the debt in the capital
structure
• Financial leverage: at certain amount of interest expenses,
the effect of change in EBIT on change in net income
• DFL= %∆ in NI /%∆ in EBIT

团
Financial Leverage
• Simple approach: DFL= EBIT/NI
• The higher debt/equity rate, the higher DFL, the greater financial
risk.
• Degree of leverage = pre-fixed cost income
post-fixed cost income
• DTL= %∆ in NI /%∆ in Sales
• DTL= DOL*DFL(Total firm risk = business risk + financial risk )

团
Solvency ratio
• Solvency ratio (pay the noncurrent liability) or Capital structure
ratio
• Total-debt-to-total-capital ratio = Total liabilities/Total capital
– “Total Capital” in this ratio means “Total Assets”
– The lower the ratio, the more the firm’s capital supplied by stockholders
– It is an indication of the firm’s long-term debt repayment ability
• Debt-to-equity ratio = Total liabilities/Stockholder’s equity
– Stockholders’ equity consists of both common and preferred equity
– The lower the ratio, the more the firm’s capital supplied by stockholders, better
chances of repayment to creditors
– It is an indication of the firm’s long-term debt repayment ability

团
Solvency ratio
• Long-term-debt-to-equity ratio = Long-term debt/ Stockholder’s
equity
– Stockholders’ equity consists of both common and preferred equity
– This ratio measures how much long-term debt a firm has compared with its
total equity
– The lower the ratio, the lower credit risk of the company and easier to raising
new debt

团
Earnings coverage
• Earnings coverage: the ability to generate earnings to pay the
fixed charges related to its financing as they come due
• Times-interest-earned ratio = EBIT/I
– This is also called the Interest Coverage Ratio.
– It gives an indication of how much the company has available
to pay its fixed interest expense.
– I includes capitalized interest

团
Earnings coverage
• Earnings-to-fixed-charges ratio
• = EBIT + interest portion of operating lease
• Interest expenses+ interest portion of operating lease+ dividend on preferred stock
– This ratio adjusts the Times Interest Earned ratio to include operating lease obligations and
dividend of preferred stock
– It is also called the Fixed Charge Coverage Ratio.
• Cash-flow-to-fixed-charges ratio
• = Pre-tax operating cash flow
• Interest expenses+ interest portion of operating lease+ dividend on preferred stock
– It uses cash flows from operations instead of accrual income in the numerator, since fixed charges
must be paid in cash.

团
Activity ratios
• Activity ratios (measures during a period of time)
– measure how effectively a firm is using its resources
• Accounts receivable turnover rate = net credit sales / average trade
receivables (net)
• Days sales outstanding in receivables= 365 (360/300)/ Accounts
receivable turnover rate
• The ratio will be affected by:
– Highly seasonal business
– Cash settlement on most transactions
– Significant increase/decrease in sales at year end

团
Activity ratios
• Inventory turnover rate = cost of goods sold/ average inventory (net)
• Days sales in inventory= 365 (360/300)/ Inventory turnover rate
• The ratio will be affected by:
– Seasonal operation
– Inventory valuation: weighted average vs FIFO
– Further analysis
• Increase in RM days may indicate mismanagement in buying department
• Increase in WIP days may indicate production delays
• Increase in FG days may be a sign of decline in demand and increase in
obsolete items

团
Activity ratios
• Accounts payable turnover rate = purchases/ average
accounts payable
• Days purchase in accounts payable = 365 (360/300)/ Accounts
payable turnover rate
• Fixed assets turnover ratio = net sales/average net fixed assets
– High ratio implies less need for fixed assets investment to
increase profitability
• Total assets turnover ratio = net sales/average total assets
– High ratio is preferable to indicate the effective use of assets

团
Activity ratios
• Operating cycle = days sales in inventory + days sales
in receivables
• Cash cycle = operating cycle – days purchases in
payables
– It measures the time span from the cash consumption
for the purchase of raw materials for production to the
cash receipt from sales of final products

团
Activity ratios
• Cash cycle

团
Profitability ratios
• Gross profit margin=
– should be in line with sales change
• Operating profit margin
• Net profit margin
• Earnings before interest, taxes, depreciation and
amortization (EBITDA)
• Return on assets = net income/average total assets
• Return on equity = net income/average total equity

团
Market ratios
• Price/book ratio = market price per share/book value
per share
– The amount spent to own a dollar of net assets
– Book value: historical cost
– Book value per common share =(total equity- preferred
stock)/common shares outstanding
– This ratio should be greater than 1.0
– it varies with industries, those that require more infrastructure
capital will usually trade at P/B ratios much lower than, for
example, consulting firms.
– A higher P/B ratio implies that investors expect management to
create more value from a given set of assets
• Price/EBITDA ratio = market price per share/EBITDA
– The amount spent to own a dollar of EBITDA

团
Market ratios
• Price/earnings ratio = market price per share/EPS
– the amount spent to own a dollar of earnings
– Diluted EPS is used in calculation if disclosed
Market EPS P-E Risk
price ratio
→ ↑ ↓ ↓ Shorter period to recover the cost
↑ → ↑ ↑ Investors pay more for each EPS
• Earnings yield = EPS/market price per share

– reciprocal of the P-E ratio
– measures the income-producing power of one share
of common stock at the current price

团
Market ratios
• Dividend payout ratio
• = dividend per common share/EPS
– measures the proportion of earnings paid out as
dividends to common stockholders
• Dividend yield = dividend/market price
– Conservative investors may want a high dividend
yield
– Aggressive investors may want a low dividend yield
with earnings reinvested in the business

团
Market ratios
• Earnings per share (EPS)
• BEPS: under simple capital structure, there is only
common stock
• BEPS = income available to common shareholders
W-A number of common shares outstanding
• W-A number of common shares outstanding
– Stock dividend and stock splits are assumed to have
been outstanding as of the beginning of the period
– Issuance of new stock or purchase of treasury stock
should be calculated proportionally

团
Market ratios
• Earnings per share (EPS)
• DEPS: under complex capital structure, there is common
stock, preferred stock and potential common stock
– potential common stock: convertible preferred stock,
convertible debt, options/warrant
– “income available to common
shareholders”+dividends on convertible preferred
stock + after-tax interest on convertible debt
– “W-A number of common shares outstanding”+
converted diluted potential common stock

团
Market ratios
• Calculation of DEPS when there is options/warrants
– Step 1: calculate the effect of options and warrants on EPS
– If option exercise price<market price, YES.
• Options have dilutive effect  include them in diluted
EPS:
• 1. Assume all options are exercised  add new
shares.
• 2. Assume proceeds (no. of shares x exercise price)
are used to repurchase previously issued common
shares  subtract these shares.
– If option exercise price>market price, NO.
• Options do not have dilutive effect  not included in
diluted EPS.
团

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MODULE

Part 2_Financial 34 TAXES:

CMA-Part2 Copyright 高才国际教育集

CMA-Part2 Copyright 高才国际教育集

CMA-Part2 Copyright 高才国际教育集

CMA-Part2 Copyright 高才国际教育集

CMA-Part2 Copyright 高才国际教育集

CMA-Part2 Copyright 高才国际教育集

CMA-Part2 Copyright 高才国际教育集

CMA-Part2 Copyright 高才国际教育集

CMA-Part2 Copyright 高才国际教育集

• Financial statement analysis 25% Level C

CMA-Part2 Copyright 高才国际教育集

• Basic Financial Statement Analysis

CMA-Part2 Copyright 高才国际教育集

CMA-Part2 Copyright 高才国际教育集

CMA-Part2 Copyright 高才国际教育集

CMA-Part2 Copyright 高才国际教育集

CMA-Part2 Copyright 高才国际教育集

CMA-Part2 Copyright 高才国际教育集

CMA-Part2 Copyright 高才国际教育集

CMA-Part2 Copyright 高才国际教育集

CMA-Part2 Copyright 高才国际教育集

CMA-Part2 Copyright 高才国际教育集

The major distinction

CMA-Part2 Copyright 高才国际教育集

CMA-Part2 Copyright 高才国际教育集

CMA-Part2 Copyright 高才国际教育集

CMA-Part2 Copyright 高才国际教育集

CMA-Part2 Copyright 高才国际教育集

CMA-Part2 Copyright 高才国际教育集

CMA-Part2 Copyright 高才国际教育集

Net income $23,000

CMA-Part2 Copyright 高才国际教育集

CMA-Part2 Copyright 高才国际教育集

CMA-Part2 Copyright 高才国际教育集

• Shall be disclosed in the Notes

CMA-Part2 Copyright 高才国际教育集

CMA-Part2 Copyright 高才国际教育集

CMA-Part2 Copyright 高才国际教育集

CMA-Part2 Copyright 高才国际教育集

CMA-Part2 Copyright 高才国际教育集

CMA-Part2 Copyright 高才国际教育集

CMA-Part2 Copyright 高才国际教育集

CMA-Part2 Copyright 高才国际教育集

CMA-Part2 Copyright 高才国际教育集

Items (1) Amount ($) (2) Days for cash (1)X(2)

CMA-Part2 Copyright 高才国际教育集

– Fixed financial costs – Financial Risk

CMA-Part2 Copyright 高才国际教育集

• Simple approach: DOL= sales/EBIT

CMA-Part2 Copyright 高才国际教育集

CMA-Part2 Copyright 高才国际教育集

• DTL= DOL*DFL(Total firm risk = business risk + financial risk )

CMA-Part2 Copyright 高才国际教育集

CMA-Part2 Copyright 高才国际教育集

CMA-Part2 Copyright 高才国际教育集

CMA-Part2 Copyright 高才国际教育集

CMA-Part2 Copyright 高才国际教育集

CMA-Part2 Copyright 高才国际教育集

CMA-Part2 Copyright 高才国际教育集

CMA-Part2 Copyright 高才国际教育集

CMA-Part2 Copyright 高才国际教育集