1. Managenal accouniug A) is primarily directed at external users of accounting information. B) is required by taxing authorities such as the IRS. C) must follow GAAP. D) focuses on future performance. 2. Which of the following costs will change when the level of business activity changes? A) Total fixed costs B) Variable cost per unit C) A company's total costs D) Sunk cost 3. Which one of the following is the last step in the planning and control process? A) Implement a plan. B) Construct a plan. C) Make decisions based on the evaluation of the results. D) Compare actual results to the planned results. 4. Product costs A) are also called period costs. . B) are considered an asset until the finished goods are sold. C) become an expense in-the period the costs are incurred. D) All of these answer choices are correct. 5. Which of the following is not a period cost? A) Advertising costs B) Accounting staff salaries C) Direct materials D) Depreciation of accounting office equipment