注册会计师财务管理英语2.doc

2009年注册会计师考试辅导财务成本管理英语 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Section AInvestment appraisal 项目投资评价概述从2008年出题来看，英语加试题出了两小道，一道是财务管理，一道是管理会计，预测近年仍沿袭此风格。Section A【Investment appraisal】项目投资评价GlossaryMethod：方法NPV: Net Present Value净现值DCF: Discounted Cash Flow折现现金流IRR: Internal Rate of Return 内含报酬率Payback period: 回报期，回收期ARR: Accounting Rate of Return会计收益率Inflow:现金流入Outflow:现金流出Profitability index:获利指数Capital rationing: 资金限额;资金配额QUESTION 1Paragraph 1Duo Co to increase production capacity to meet increasing demand for an existing product, Quago,which is used in food processing. A new machine, with a useful lite of four years and a maximum output of 600,000kg of Quago per year, could be bought for $800,000, payable immediately. The scrap value of the machine after four years would be $30,000. Forecast demand and production of Quago over the four years is as follows:Year1 2 3 4Demand（kg） 1-4 million 1-5 million 1-6 million 1-7 millionIncrease production capacity: 增加生产能力Meet increasing demand: 满足日益增长的需求Machine:机器Useful life:使用年限Maximum:最大Maximum output:最大产量Payable immediately:立即支付Scrap value or residual value:残值Forecast:预测Million:百万Paragraph 2Existing production capacity for Quago is limited to one million kilograms per year and the new machine would only be used for demand additional to this.现有的生产能力上限为100万公斤,新机器仅用来满足额外的需求.Paragraph 3The current selling price of Quago is $8.00 per kilogram and the variable cost of materials is $5.00 per kilogram. Other variable costs of production are $1.90 per kilogram. Fixed costs of production associated with the new machine would be $240.00 in the first year of production, increasing by $20.00 per year in each subsequent year of operation.Current selling price:当前售价Variable cost:变动成本Material:材料Labor:人工Production overhead:生产制造费用Fixed cost:固定成本Associated with:和相关Increase by:增加了多少Increase to:增加到Each subsequent year:每一个随后的年份Paragraph 4Duo Co pays tax one year in arrears at an annual rate of 30% and can claim capital allowances（tax-allowable depreciation） on a 25% reducing balance basis. A balancing allowance is claimed in the final year of operation.One year in arrears:在一年后; in arrears:拖延,托后Annual rate: 年利率、年税率（根据具体情况）Claim:要求,索偿On a 25% reducing balance basis: 按25%在余额递减的基础上计提Paragraph 5Duo Co uses its after-tax weighted average cost of capital when appraising investment projects. If has a cost of equity of 11% and a before-tax cost of debt of 8.6%. The long-term finance of the company, on a market-value basis, consists of 80% equity and 20% debt.After tax:税后Before tax:税前WACC: weighted average cost of capital加权平均资本成本Appraise:评价Cost of equity:权益成本Debt:债Long-term:长期On a market-value basis:在市值的基础上Consist of:组成Required:（a）Calculate the net present value of buying the new machine and advise on the acceptability of the proposed purchase （Work to the nearest $1,000）.Present value:现值Net:净Calculate:计算Advise/suggest:建议Work to the nearest $1000:近似到千,以千为单位Acceptability:可接受性Feasibility:可行性（b） Calculate the internal rate of return of buying the new machine and advise on the acceptability of the proposed purchase（work to the nearest $1,000）.运用已掌握知识翻译（c） Explain the difference between risk and uncertainty in the context of investment appraisal, and describe how sensitivity analysis and probability analysis can be used to incorporate risk into the investment appraisal process. （8 marks）Explain:解释Risk and uncertainty:风险和不确定性In context of:在语境中Describe:描述Sensitivity analysis:敏感性分析Incorporate:把涵盖/纳入Question 2（Abstract）The selling price of product P（in current price terms） will be $20 per unit, while the variable cost of the product（in current price terms） will be $12 per unit. Selling price inflation is expected to be 4% per year and variable cost inflation is expected to be 5% per year. No increase in existing fixed costs is expected since SC Co has spare capacity in both space and labour terms.Current price terms:当前价格水平Inflation:通货膨胀Spare capacity:富余的生产能力Producing and selling product P will call for increased in working capital. Analysis of istorical levels of working capital within SC Co indicates that at the start of each year, investment in working capital for product P will need to be 7% of sales revenue for that year.Call for:要求Working capital:营运资本At the start of each year:在每一年开始7% of sales revenue:销售收入的7%SC Co uses a nominal（money terms） after-tax cost of capital of 12% for investment appraisal purposes.Nominal （money terms）:名义上的;货币条件的After-tax cost of capital:税后资本成本Question 3 （Abstract）Using the equivalent annual cost method, calculate whether Cavic Ltd should replace its fleet after one year, two years, or three years. （12 marks）Discuss the causes of capital rationing for investment purposes. （4 marks）EAC: equivalent annual cost每年成本等值Replace: 替换 芅蚃袁芆蒀蕿袀羆芃蒅衿膈葿袄袈芀莁螀袈莃薇蚆袇肂莀薂袆膅薅蒈羅芇莈螇羄羇薃蚃羃聿莆蕿羂芁薂薅羂莄蒅袃羁肃芇蝿羀膆蒃蚅罿芈芆薁肈羈蒁蒇肇肀芄螆肆膂葿蚂肆莄节蚈肅肄薈薄肄膆莀袂肃艿薆螈肂莁荿蚄膁肁薄薀螈膃莇蒆螇芅薃袅螆肅莅螁螅膇蚁蚇螄芀蒄薃螃莂芆袁螃肂蒂螇螂膄芅蚃袁芆蒀蕿袀羆芃蒅衿膈葿袄袈芀莁螀袈莃薇蚆袇肂莀薂袆膅薅蒈羅芇莈螇羄羇薃蚃羃聿莆蕿羂芁薂薅羂莄蒅袃羁肃芇蝿羀膆蒃蚅罿芈芆薁肈羈蒁蒇肇肀芄螆肆膂葿蚂肆莄节蚈肅肄薈薄肄膆莀袂肃艿薆螈肂莁荿蚄膁肁薄薀螈膃莇蒆螇芅薃袅螆肅莅螁螅膇蚁蚇螄芀蒄薃螃莂芆袁螃肂蒂螇螂膄芅蚃袁芆蒀蕿袀羆芃蒅衿膈葿袄袈芀莁螀袈莃薇蚆袇肂莀薂袆膅薅蒈羅芇莈螇羄羇薃蚃羃聿莆蕿羂芁薂薅羂莄蒅袃羁肃芇蝿羀膆蒃蚅罿芈芆薁肈羈蒁蒇肇肀芄螆肆膂葿蚂肆莄节蚈肅肄薈薄肄膆莀袂肃艿薆螈肂莁荿蚄膁肁薄薀螈膃莇蒆螇芅薃袅螆肅莅螁螅膇蚁蚇螄芀蒄薃螃莂芆袁螃肂蒂螇螂膄芅蚃袁芆蒀蕿袀羆芃蒅衿膈葿袄袈芀莁螀袈莃薇蚆袇肂莀薂袆膅薅蒈羅芇莈螇羄羇薃蚃羃聿莆蕿羂芁薂薅羂莄蒅袃羁肃芇蝿羀膆蒃蚅罿芈芆薁肈羈蒁蒇肇肀芄螆肆膂葿蚂肆莄节蚈肅肄薈薄肄膆莀袂肃艿薆螈肂莁荿蚄膁肁薄薀螈膃莇蒆螇芅薃袅螆肅莅螁螅膇蚁蚇螄芀蒄薃螃莂芆袁螃肂蒂螇螂膄芅蚃袁芆蒀蕿袀羆芃蒅衿膈葿袄袈芀莁螀袈莃薇蚆袇肂莀薂袆膅薅蒈羅芇莈螇羄羇薃蚃羃聿莆蕿羂芁薂薅羂莄蒅袃羁肃芇蝿羀膆蒃蚅罿芈芆薁肈羈蒁蒇肇肀芄螆肆膂葿蚂肆莄节蚈肅肄薈薄肄膆莀袂肃艿薆螈肂莁荿蚄膁肁薄薀螈膃莇蒆螇芅薃袅螆肅莅螁螅膇蚁蚇螄芀蒄薃螃莂芆袁螃肂蒂螇螂膄芅蚃袁芆蒀蕿袀羆芃蒅衿膈葿袄袈芀莁螀袈莃薇蚆袇肂莀薂袆膅薅蒈羅芇莈螇羄羇薃蚃羃聿莆蕿羂芁薂薅羂莄蒅袃羁肃芇蝿羀膆蒃蚅罿芈芆薁肈羈蒁蒇肇肀芄螆肆膂葿蚂肆莄节蚈肅肄薈薄肄膆莀袂肃艿薆螈肂莁荿蚄膁肁薄薀螈膃莇蒆螇芅薃袅螆肅莅螁螅膇蚁蚇螄芀蒄薃螃莂芆袁螃肂蒂螇螂膄芅蚃袁芆蒀蕿袀羆芃蒅衿膈葿袄袈芀莁螀袈莃薇蚆袇肂莀薂袆膅薅蒈羅芇莈螇羄羇薃蚃羃聿莆蕿羂芁薂薅羂莄蒅袃羁肃芇蝿羀膆蒃蚅罿芈芆薁肈羈蒁蒇肇肀芄螆肆膂葿蚂肆莄节蚈肅肄薈薄肄膆莀袂肃艿薆螈肂莁荿蚄膁肁薄薀螈膃莇蒆螇芅薃袅螆肅莅螁螅膇蚁蚇螄芀蒄薃螃莂芆袁螃肂蒂螇螂膄芅蚃袁芆蒀蕿袀羆芃蒅衿膈葿袄袈芀莁螀袈莃薇蚆袇肂莀薂袆膅薅蒈羅芇莈螇羄羇薃蚃羃聿莆蕿羂芁薂薅羂莄蒅袃羁肃芇蝿羀膆蒃蚅罿芈芆薁肈羈蒁蒇肇肀芄螆肆膂葿蚂肆莄节蚈肅肄薈薄肄膆莀袂肃艿薆螈肂莁荿蚄膁肁薄薀螈膃莇蒆螇芅薃袅螆肅莅螁螅膇蚁蚇螄芀蒄薃螃莂芆袁螃肂蒂螇螂膄芅蚃袁芆蒀蕿袀羆芃蒅衿膈葿袄袈芀莁螀袈莃薇蚆袇肂莀薂袆膅薅蒈羅芇莈螇羄羇薃蚃羃聿莆蕿羂芁薂薅羂莄蒅袃羁肃芇蝿羀膆蒃蚅罿芈芆薁肈羈蒁蒇肇肀芄螆肆膂葿蚂肆莄节蚈肅肄薈薄肄膆莀袂肃艿薆螈肂莁荿蚄膁肁薄薀螈膃莇蒆螇芅薃袅螆肅莅螁螅膇蚁蚇螄芀蒄薃螃莂芆袁螃肂蒂螇螂膄芅蚃袁芆蒀蕿袀羆芃蒅衿膈葿袄袈芀莁螀袈莃薇蚆袇肂莀薂袆膅薅蒈羅芇莈螇羄羇薃蚃羃聿莆蕿羂芁薂薅羂莄蒅袃羁肃芇蝿羀膆蒃蚅罿芈芆薁肈羈蒁蒇肇肀芄螆肆膂葿蚂肆莄节蚈肅肄薈薄肄膆莀袂肃艿薆螈肂莁荿蚄膁肁薄薀螈膃莇蒆螇芅薃袅螆肅莅螁螅膇蚁蚇螄芀蒄薃螃莂芆袁螃肂蒂螇螂膄芅蚃袁芆蒀蕿袀羆芃蒅衿膈葿袄袈芀莁螀袈莃薇蚆袇肂莀薂袆膅薅蒈羅芇莈螇羄羇薃蚃羃聿莆蕿羂芁薂薅羂莄蒅袃羁肃芇蝿羀膆蒃蚅罿芈芆薁肈羈蒁蒇肇肀芄螆肆膂葿蚂肆莄节蚈肅肄薈薄肄膆莀袂肃艿薆螈肂莁荿蚄膁肁薄薀螈膃莇蒆螇芅薃袅螆肅莅螁螅膇蚁蚇螄芀蒄薃螃莂芆袁螃肂蒂螇螂膄芅蚃袁芆蒀蕿袀羆芃蒅衿膈葿袄袈芀莁螀袈莃薇蚆袇肂莀薂袆膅薅蒈羅芇莈螇羄羇薃蚃羃聿莆蕿羂芁薂薅羂莄蒅袃羁肃芇蝿羀膆蒃蚅罿芈芆薁肈羈蒁蒇肇肀芄螆肆膂葿蚂肆莄节蚈肅肄薈薄肄膆莀袂肃艿薆螈肂莁荿蚄膁肁薄薀螈膃莇蒆螇芅薃袅螆肅莅螁螅膇蚁蚇螄芀蒄薃螃莂芆袁螃肂蒂螇螂膄芅蚃袁芆蒀蕿袀羆芃蒅衿膈葿袄袈芀莁螀袈莃薇蚆袇肂莀薂袆膅薅蒈羅芇莈螇羄羇薃蚃羃聿莆蕿羂芁薂薅羂莄蒅袃羁肃芇蝿羀膆蒃蚅罿芈芆薁肈羈蒁蒇肇肀芄螆肆膂葿蚂肆莄节蚈肅肄薈薄肄膆莀袂肃艿薆螈肂莁荿蚄膁肁薄薀螈膃莇蒆螇芅薃袅螆肅莅螁螅膇蚁蚇螄芀蒄薃螃莂芆袁螃肂蒂螇螂膄芅蚃袁芆蒀蕿袀羆芃蒅衿膈葿袄袈芀莁螀袈莃薇蚆袇肂莀薂袆膅薅蒈羅芇莈螇羄羇薃蚃羃聿莆蕿羂芁薂薅羂莄蒅袃羁肃芇蝿羀膆蒃蚅罿芈芆薁肈羈蒁蒇肇肀芄螆肆膂葿蚂肆莄节蚈肅肄薈薄肄膆莀袂肃艿薆螈肂莁荿蚄膁肁薄薀螈膃莇蒆螇芅薃袅螆肅莅螁螅膇蚁蚇螄芀蒄薃螃莂芆袁螃肂蒂螇螂膄芅蚃袁芆蒀蕿袀羆芃蒅衿膈葿袄袈芀莁螀袈莃薇蚆袇肂莀薂袆膅薅蒈羅芇莈螇羄羇薃蚃羃聿莆蕿羂芁薂薅羂莄蒅袃羁肃芇蝿羀膆蒃蚅罿芈芆薁肈羈蒁蒇肇肀芄螆肆膂葿蚂肆莄节蚈肅肄薈薄肄膆莀袂肃艿薆螈肂莁荿蚄膁肁薄薀螈膃莇蒆螇芅薃袅螆肅莅螁螅膇蚁蚇螄芀蒄薃螃莂芆袁螃肂蒂螇螂膄芅蚃袁芆蒀蕿袀羆芃蒅衿膈葿袄袈芀莁螀袈莃薇蚆袇肂莀薂袆膅薅蒈羅芇莈螇羄羇薃蚃羃聿莆蕿羂芁薂薅羂莄蒅袃羁肃芇蝿羀膆蒃蚅罿芈芆薁肈羈蒁蒇肇肀芄螆肆膂葿蚂肆莄节蚈肅肄薈薄肄膆莀袂肃艿薆螈肂莁荿蚄膁肁薄薀螈膃莇蒆螇芅薃袅螆肅莅螁螅膇蚁蚇螄芀蒄薃螃莂芆袁螃肂蒂螇螂膄芅蚃袁芆蒀蕿袀羆芃蒅衿膈葿袄袈芀莁螀袈莃薇蚆袇肂莀薂袆膅薅蒈羅芇莈螇羄羇薃蚃羃聿莆蕿羂芁薂薅羂莄蒅袃羁肃芇蝿羀膆蒃蚅罿芈芆薁肈羈蒁蒇肇肀芄螆肆膂葿蚂肆莄节蚈肅肄薈薄肄膆莀袂肃艿薆螈肂莁荿蚄膁肁薄薀螈膃莇蒆螇芅薃袅螆肅莅螁螅膇蚁蚇螄芀蒄薃螃莂芆袁螃肂蒂螇螂膄芅蚃袁芆蒀蕿袀羆芃蒅衿膈葿袄袈芀莁螀袈莃薇蚆袇肂莀薂袆膅薅蒈羅芇莈螇羄羇薃蚃羃聿莆蕿羂芁薂薅羂莄蒅袃羁肃芇蝿羀膆蒃蚅罿芈芆薁肈羈蒁蒇肇肀芄螆肆膂葿蚂肆莄节蚈肅肄薈薄肄膆莀袂肃艿薆螈肂莁荿蚄膁肁薄薀螈膃莇蒆螇芅薃袅螆肅莅螁螅膇蚁蚇螄芀蒄薃螃莂芆袁螃肂蒂螇螂膄芅蚃袁芆蒀蕿袀羆芃蒅衿膈葿袄袈芀莁螀袈莃薇蚆袇肂莀薂袆膅薅蒈羅芇莈螇羄羇薃蚃羃聿莆蕿羂芁薂薅羂莄蒅袃羁肃芇蝿羀膆蒃蚅罿芈芆薁肈羈蒁蒇肇肀芄螆肆膂葿蚂肆莄节蚈肅肄薈薄肄膆莀袂肃艿薆螈肂莁荿蚄膁肁薄薀螈膃莇蒆螇芅薃袅螆肅莅螁螅膇蚁蚇螄芀蒄薃螃莂芆袁螃肂蒂螇螂膄芅蚃袁芆蒀蕿袀羆芃蒅衿膈葿袄袈芀莁螀袈莃薇蚆袇肂莀薂袆膅薅蒈羅芇莈螇羄羇薃蚃羃聿莆蕿羂芁薂薅羂莄蒅袃羁肃芇蝿羀膆蒃蚅罿芈芆薁肈羈蒁蒇肇肀芄螆肆膂葿蚂肆莄节蚈肅肄薈薄肄膆莀袂肃艿薆螈肂莁荿蚄膁肁薄薀螈膃莇蒆螇芅薃袅螆肅莅螁螅膇蚁蚇螄芀蒄薃螃莂芆袁螃肂蒂螇螂膄芅蚃袁芆蒀蕿袀羆芃蒅衿膈葿袄袈芀莁螀袈莃薇蚆袇肂莀薂袆膅薅蒈羅芇莈螇羄羇薃蚃羃聿莆蕿羂芁薂薅羂莄蒅袃羁肃芇蝿羀膆蒃蚅罿芈芆薁肈羈蒁蒇肇肀芄螆肆膂葿蚂肆莄节蚈肅肄薈薄肄膆莀袂肃艿薆螈肂莁荿蚄膁肁薄薀螈膃莇蒆螇芅薃袅螆肅莅螁螅膇蚁蚇螄芀蒄薃螃莂芆袁螃肂蒂螇螂膄芅蚃袁芆蒀蕿袀羆芃蒅衿膈葿袄袈芀莁螀袈莃薇蚆袇肂莀薂袆膅薅蒈羅芇莈螇羄羇薃蚃羃聿莆蕿羂芁薂薅羂莄蒅袃羁肃芇蝿羀膆蒃蚅罿芈芆薁肈羈蒁蒇肇肀芄螆肆膂葿蚂肆莄节蚈肅肄薈薄肄膆莀袂肃艿薆螈肂莁荿蚄膁肁薄薀螈膃莇蒆螇芅薃袅螆肅莅螁螅膇蚁蚇螄芀蒄薃螃莂芆袁螃肂蒂螇螂膄芅蚃袁芆蒀蕿袀羆芃蒅衿膈葿袄袈芀莁螀袈莃薇蚆袇肂莀薂袆膅薅蒈羅芇莈螇羄羇薃蚃羃聿莆蕿羂芁薂薅羂莄蒅袃羁肃芇蝿羀膆蒃蚅罿芈芆薁肈羈蒁蒇肇肀芄螆肆膂葿蚂肆莄节蚈肅肄薈薄肄膆莀袂肃艿薆螈肂莁荿蚄膁肁薄薀螈膃莇蒆螇芅薃袅螆肅莅螁螅膇蚁蚇螄芀蒄薃螃莂芆袁螃肂蒂螇螂膄芅蚃袁芆蒀蕿袀羆芃蒅衿膈葿袄袈芀莁螀袈莃薇蚆袇肂莀薂袆膅薅蒈羅芇莈螇羄羇薃蚃羃聿莆蕿羂芁薂薅羂莄蒅袃羁肃芇蝿羀膆蒃蚅罿芈芆薁肈羈蒁蒇肇肀芄螆肆膂葿蚂肆莄节蚈肅肄薈薄肄膆莀袂肃艿薆螈肂莁荿蚄膁肁薄薀螈膃莇蒆螇芅薃袅螆肅莅螁螅膇蚁蚇螄芀蒄薃螃莂芆袁螃肂蒂螇螂膄芅蚃袁芆蒀蕿袀羆芃蒅衿膈葿袄袈芀莁螀袈莃薇蚆袇肂莀薂袆膅薅蒈羅芇莈螇羄羇薃蚃羃聿莆蕿羂芁薂薅羂莄蒅袃羁肃芇蝿羀膆蒃蚅罿芈芆薁肈羈蒁蒇肇肀芄螆肆膂葿蚂肆莄节蚈肅肄薈薄肄膆莀袂肃艿薆螈肂莁荿蚄膁肁薄薀螈膃莇蒆螇芅薃袅螆肅莅螁螅膇蚁蚇螄芀蒄薃螃莂芆袁螃肂蒂螇螂膄芅蚃袁芆蒀蕿袀羆芃蒅衿膈葿袄袈芀莁螀袈莃薇蚆袇肂莀薂袆膅薅蒈羅芇莈螇羄羇薃蚃羃聿莆蕿羂芁薂薅羂莄蒅袃羁肃芇蝿羀膆蒃蚅罿芈芆薁肈羈蒁蒇肇肀芄螆肆膂葿蚂肆莄节蚈肅肄薈薄肄膆莀袂肃艿薆螈肂莁荿蚄膁肁薄薀螈膃莇蒆螇芅薃袅螆肅莅螁螅膇蚁蚇螄芀蒄薃螃莂芆袁螃肂蒂螇螂膄芅蚃袁芆蒀蕿袀羆芃蒅衿膈葿袄袈芀莁螀袈莃薇蚆袇肂莀薂袆膅薅蒈羅芇莈螇羄羇薃蚃羃聿莆蕿羂芁薂薅羂莄蒅袃羁肃芇蝿羀膆蒃蚅罿芈芆薁肈羈蒁蒇肇肀芄螆肆膂葿蚂肆莄节蚈肅肄薈薄肄膆莀袂肃艿薆螈肂莁荿蚄膁肁薄薀螈膃莇蒆螇芅薃袅螆肅莅螁螅膇蚁蚇螄芀蒄薃螃莂芆袁螃肂蒂螇螂膄芅蚃袁芆蒀蕿袀羆芃蒅衿膈葿袄袈芀莁螀袈莃薇蚆袇肂莀薂袆膅薅蒈羅芇莈螇羄羇薃蚃羃聿莆蕿羂芁薂薅羂莄蒅袃羁肃芇蝿羀膆蒃蚅罿芈芆薁肈羈蒁蒇肇肀芄螆肆膂葿蚂肆莄节蚈肅肄薈薄肄膆莀袂肃艿薆螈肂莁荿蚄膁肁薄薀螈膃莇蒆螇芅薃袅螆肅莅螁螅膇蚁蚇螄芀蒄薃螃莂芆袁螃肂蒂螇螂膄芅蚃袁芆蒀蕿袀羆芃蒅衿膈葿袄袈芀莁螀袈莃薇蚆袇肂莀薂袆膅薅蒈羅芇莈螇羄羇薃蚃羃聿莆蕿羂芁薂薅羂莄蒅袃羁肃芇蝿羀膆蒃蚅罿芈芆薁肈羈蒁蒇肇肀芄螆肆膂葿蚂肆莄节蚈肅肄薈薄肄膆莀袂肃艿薆螈肂莁荿蚄膁肁薄薀螈膃莇蒆螇芅薃袅螆肅莅螁螅膇蚁蚇螄芀蒄薃螃莂芆袁螃肂蒂螇螂膄芅蚃袁芆蒀蕿袀羆芃蒅衿膈葿袄袈芀莁螀袈莃薇蚆袇肂莀薂袆膅薅蒈羅芇莈螇羄羇薃蚃羃聿莆蕿羂芁薂薅羂莄蒅袃羁肃芇蝿羀膆蒃蚅罿芈芆薁肈羈蒁蒇肇肀芄螆肆膂葿蚂肆莄节蚈肅肄薈薄肄膆莀袂肃艿薆螈肂莁荿蚄膁肁薄薀螈膃莇蒆螇芅薃袅螆肅莅螁螅膇蚁蚇螄芀蒄薃螃莂芆袁螃肂蒂螇螂膄芅蚃袁芆蒀蕿袀羆芃蒅衿膈葿袄袈芀莁螀袈莃薇蚆袇肂莀薂袆膅薅蒈羅芇莈螇羄羇薃蚃羃聿莆蕿羂芁薂薅羂莄蒅袃羁肃芇蝿羀膆蒃蚅罿芈芆薁肈羈蒁蒇肇肀芄螆肆膂葿蚂肆莄节蚈肅肄薈薄肄膆莀袂肃艿薆螈肂莁荿蚄膁肁薄薀螈膃莇蒆螇芅薃袅螆肅莅螁螅膇蚁蚇螄芀蒄薃螃莂芆袁螃肂蒂螇螂膄芅蚃袁芆蒀蕿袀羆芃蒅衿膈葿袄袈芀莁螀袈莃薇蚆袇肂莀薂袆膅薅蒈羅芇莈螇羄羇薃蚃羃聿莆蕿羂芁薂薅羂莄蒅袃羁肃芇蝿羀膆蒃蚅罿芈芆薁肈羈蒁蒇肇肀芄螆肆膂葿蚂肆莄节蚈肅肄薈薄肄膆