NO.PZ2023032701000068
问题如下：
Stack prefers the use of a residual income model to value the company over other available methods. He provides three justifications for his preference:
1. The model explicitly incorporates the cost of debt capital.
2. The model can be used when cash flows are unpredictable.
3. There is less of an impact arising from the uncertainty in forecasting terminal value.
The least appropriate justification that Stack makes in support of the use of the residual income model is statement:
选项：
A.2
B.3
C.1
解释：
The residual income model uses accounting income estimates and assumes that the cost of debt capital is properly reflected by interest expense, but because of changing market conditions, interest expense may not be a good proxy for the company's cost of debt capital.
The model can be used when cash flows are unpredictable
