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Which of the following led to the requirement for companies to produce a profit and loss account?

• Joint Stock Companies Act 1844
• Companies Act 1929
• Bubble Act 1720
• Consolidating Act 1862

Which of the following statements is true about the regulation of accounting practice in its early period of development?

• Accounting was largely determined by the National Securities and Exchange Commissions and resulting legislation.
• Accounting was largely determined by accounting theory.
• Accounting was largely determined by generally accepted practice.
• Accounting was largely determined by accounting standards issued by the accounting profession.

It is argued by the pro-regulation perspective that accounting information is a free or public good. What is the characteristic of a free of public good?

• It is a good or service that, once available, people can obtain or use without paying.
• It is a good or service provided at no cost to anyone.
• It is a good or service whose over-production is an example of market failure.
• All of the giver options are correct.

Critical researchers accuse financial accounting of:

• Being open to manipulation by self-interested managers.
• Reinforcing unequal distributions of wealth and power.
• Being irrelevant to management decision making.
• All of the above.

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