12. What is the primary focus of managerial accounting compared to financial accounting? a. Reporting historical financial performance b. Complying with generally accepted accounting principles (GAAP) c. Providing information for decision-making and internal use d. Preparing financial statements for external stakeholders 13. In managerial accounting, cost behavior refers to: a. How costs are classified on the income statement b. The relationship between costs and the level of activity c. The process of allocating costs to products d. The recording of historical costs in the general ledger 14. Which building block of managerial accounting involves setting performance targets, budgeting, and measuring actual performance against those targets? a. Cost accounting b. Financial analysis c. Planning and control d. External reporting