问题
单项选择题
All of the following are advantages of using price/sales (P/S) multiple EXCEPT:（）
A. Sales figures are not as easy to manipulate as earnings and book value, which are significantly affected by accounting conventions.
B. P/S multiples are more reliable because sales data cannot be distorted by management.
C. P/S multiples provide a meaningful framework for evaluating distressed firms.
答案
参考答案：B
解析：
Accounting data on sales is used to calculate the P/S multiple. The P/S multiple is thought to be more reliable only because sales figures are not as easy to manipulate as the earnings and book value, both of which are significantly affected by accounting conventions.