The signals driving the bus are Valid B--Stable A signals, and are thus first asserted very soon after the rise of clock B. The accumulator is stores data on clock A, so the output of the alu must reach it before clock A falls. Thus, the longest path through the circuit covers the clock B pulse, the space between the clock B and clock A pulses, and the clock A pulse, which is equal to 3/4 of a complete clock cycle.
Computing a rigorous maximum clock frequency, we would first determine that the minimum clock period is equal to 4/3 * 40 ns, which is approximately equal to 55 ns. Inverting this period gives us a maximum clock frequency of approximately 18.2 MHz. As with any engineering design, however, we want to allow a margin of error in which the performance of the circuit can fluctuate. Thus, to give a more conservative estimate, we will double the minimum clock period, resulting in 110 ns. This value gives a maximum clock frequency of 9 MHz.
The Maximum Clock Frequency = 9 MHz