21. Managerial accounting is primarily concerned with: a. Providing financial information to external stakeholders. b. Preparing financial statements for tax purposes. c. Assisting managers in making informed business decisions. d. Ensuring compliance with legal regulations. 22. In managerial accounting, costs that can be directly traced to a specific product or department are referred to as: a. Direct costs b. Indirect costs c. Variable costs d. Fixed costs 23. Which of the following is a key objective of managerial accounting? a. Reporting financial performance to external investors. b. Minimizing tax liability. c. Enhancing overall organizational performance. d. Meeting the requirements of financial accounting standards. 24. Managerial accounting often uses which of the following methods to allocate costs to products or services? a. Historical cost allocation b. Activity-based costing (ABC) c. Random cost assignment d. Non-systematic cost allocation