1. In order to make the best decisions and predictions, managerial accountants must: A.Subjectively use data and analytic tools B.Act independently of other management CUse quantitative information exclusively D.Consider the relevance of the information E. Take impulsive actions 2. Each of the following is a basic assumption when using the economic order quantity procurement model, except A Costs of quality and shrinkage are only considered if they affect ordering and carrying costs B.Purchasing costs per unit are unaffected by the quantity ordered C.A different quantity is ordered at each reorder point D.No stockouts occur E.Demand, purchase lead-time, ordering cost, and carrying costs are certain 3. What is not a general assumption when gathering relevant information using a process costing? A.Conversion is a joint costing activity throughout the physical transformation B.Both the number of direct materials and the time that direct materials are added can be observed and reported C. The exit of identical units of completed goods can be observed and measured D.The quantity of direct materials consumed varies throughout the production process E. The quantities and costs of inputs of direct materials and conversion activities can be reliable measured and reported in the month they are consumed