NO.PZ2018103102000144
问题如下：
Kirk asks a junior analyst, Frank, to use the P/S ratio and P/E to analyse the relative value among different companies.
Frank told Kirk that compared with P/E ratio, P/S ratio has two advantages.
The first one is that P/E is not only affected by the revenue recognition practices but also affected by the manipulated expense figures. Thus, a company’s accounting decisions would have less impact on sales and its related P/S ratio than net incomes and related P/E ratios.
Frank adds that the second advantage of P/S over P/E is that sales cannot be a negative figure or zero, while net income could be. For zero or negative net income figure, P/E ratio does not make any economic sense.
According to the information above which of the following is correct?
选项：
A.Frank’s statement about the first advantage is correct, but the second advantage is wrong.
B.Both of Frank’s statements are correct.
C.Frank’s statement about the first advantage is wrong, but the second advantage is correct.
解释：
B is correct.
考点：考察对P/E；P/S优缺点的比较。
解析：Net income受到的会计决策影响更大，因为net income会同时受到sales确认，和expense确认的影响，公司通过会计决策可以加速sales的确认，而放慢expense的确认这样算出的NI，进而求出的P/E受到的影响较大。在使用P/E ratio时 ，第二个缺点是当net income为零，或者是负数时，P/E ratio无意义；而对于P/S ratio不存在该影响。因为Sales不会为负。
The first one is that P/E is not only affected by the revenue recognition practices but also affected by the manipulated expense figures. Thus, a company’s accounting decisions would have less impact on sales and its related P/S ratio than net incomes and related P/E ratios.
第一句话是不是有点问题？比如做channel sales等等，就算是manipulate sales从而影响P/S了
