Question 3 Briefly explain if the following examples demonstrate the efficient contracting or the opportunistic view of accounting's role in contracts. (a) Accounting numbers are used to design bonus plan contracts rather than share prices; (Maximum words: 150) (b) A large mining company reports significantly lower earnings for the current year than previous years after the media has been very quick to criticise the high level of the company's reported earnings in the past; (Maximum words: 150) (c) A manufacturing company recognises sales revenue at the time of production, even though the company receives no guaranteed sales contract. (Maximum words: 150) (Total for Question 3: 6 marks)