问题如下：
5.Regarding the choice of forecast horizon for a discounted cash flow model, which of the following statements is least accurate? The forecast horizon:
选项：
A.for a highly cyclical company should be long enough to allow the company to reach a mid-cycle level of sales and profitability.
B.should be independent of the investment strategy for which the stock is being considered.
C.should be long enough to allow the full benefits from an acquisition to be reflected in the financial statements.
解释：
5.B The forecast horizon should be influenced by the investment strategy for which the stock is being considered.
C选项为什么是对的啊？FRA最后一章综合分析里面，讲的Sales、NI等分析，由于并购不是经常发生的事件，要剔除合并报表产生的Sales、NI等，估值为什么还要考虑进去呢。
