请问可否讲解一下此题

问题如下：

An investment management firm that does not adopt the GIPS standards could mischaracterize its overall performance by presenting a performance history:

选项：

A.that includes terminated portfolios.

B.composed of a single top-performing portfolio.

C.for an investment mandate over all periods since the firm's inception.

解释：

Selecting a top-performing portfolio to represent a firm's overall investment results for a specific mandate, also known as using representative accounts, is a misleading practice that is not allowed under the GIPS standards.

A is incorrect because including terminated portfolios is consistent with the GIPS standards. If the firm instead presented a performance history that excludes terminated portfolios, however, such a practice would be misleading and not allowed under the GIPS standards.

C is incorrect because presenting performance for its mandate covering all periods since the firm's inception is consistent with the GIPS standards. If the firm instead presented performance for a selected period during which it produced excellent returns or outperformed its benchmark, however, such a practice would be misleading and not allowed under the GIPS standards.