In the early years of the efficient securities market theory (for example, Beaver's 1973 paper), non-accountants sometimes claimed that financial accounting information was not relevant in an efficient market. Which statement best describes why non-accountants would make these statements?

Group of answer choices

Beaver's 1973 paper argued for the importance of full disclosure for practicing accountants.

Efficient securities market theory requires a "true" net income and financial accounting information does not provide a "true" net income.

None of the information underlying financial accounting information is useful, and therefore it is irrelevant.

The efficient securities market would already have incorporated the underlying accounting information into share price.