单选题 An argument against using the price-to-sales (P/S) valuation approach is that:

A、 sales figures are not as easy to manipulate or distort as earnings per share (EPS) and book value.
B、 P/S ratios do not express differences in cost structures across companies.
C、 P/S ratios are not as volatile as price-to-earnings (P/E) multiples.

【正确答案】 B

【答案解析】P/S ratios do not express differences in cost structures across companies. The other responses are advantages of the P/S ratios, not disadvantages.