Which of the Following Statements Is True About the Regulation

Multiple Choice

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

A) Accounting was largely determined by accounting theory.
B) Accounting was largely determined by accounting standards issued by the accounting profession.
C) Accounting was largely determined by the national Securities and Exchange Commissions and resulting legislation.
D) Accounting was largely determined by generally accepted practice.