1. Which of the following is correct regarding the changing role of managerial accounting? A) The managerial accountant is crunching more numbers than ever before in leading-edge companies. B). The managerial accountant has been transformed into a financial historian in progressive companies. C) Managerial accountants are typically isolated in separate departments. (D) Future-looking goals have transformed managerial accountants into business advisors. EX. Managerial accountants rarely have the title of analyst or take on leadership roles. 2. Managerial accounting: A) focuses only on historical data. B) is governed by GAAP. C) focuses primarily on the needs of personnel internal to the organization. D) provides information for parties external to the organization. E) focuses on financial statements and annual reports. 3. At the most basic level, a cost may be defined as a(n): A) long-term asset. B) data classified for a specific application. (C)) sacrifice made to achieve a particular purpose. D) useful information for planning. E) suggestion for improvement. 4. Volkswagen produces cars and trucks. Which type of production process is most likely used by them? A) Batch. B) Job Shop. C) Continuous Flow. D) Assembly. E) None of these answers is correct. 5. The accounting records of Kanye Company revealed the following costs: direct materials used, $250,000; direct labor, \$425,000; manufacturing overhead, \$375,000; and selling and administrative expenses, $220,000. Kanye's product costs total: A) $1,050,000. B) $830,000. C) $895,000. D) $1,270,000. E) None of the answers is correct