19. In order to make the best decisions and predictions, managerial accountants must A Subjectively use data and analytic tools B. Take impulsive actions C. Must only use financial data D. Distinguish relevant from irrelevant information E. Act independently of other management 20. When spoiled units are not counted, process costing methods A. Make costs associated with spoiled units highly visible B. Lowers the cost rate per equivalent unit C. Focuses management's attention on reducing spoilage D. Spreads spoilage costs over good units completed and transferred out E. Results in more accurate product costs 21. All of the following steps can be taken to minimize costs related to spoilage, rework, and scrap, except: A. Using fewer inspection points B. Redesigning the production process C. Updating machinery D. Retraining workers E Buying new types of materials 22. Procurement is: A. Mandatory compliance with existing laws, regulations, and standards B. An operation where the work required to be performed approaches or exceeds the available capacity C. The financial outcome of all of the different types of business transactions that happen D. Costs incurred after production E. The placement of a purchase order in enough time to ensure continuous access to inventory when necessary 23. Management accountants must not: A. Promote fact-based analysis B. Make tough-minded, critical judgments by being adversarial C. Lead and motivate people to change and be innovative D. Communicate clearly, openly and candidly E. Have strong sense of integrity 24. What key group is indirectly responsible for achieving a company's goals through activities that support the organization by providing advice and assistance to those responsible for core activities? A. Line management B. Staff management C. Chief Executive Officer D. Board members E. Shareholders