1. A cost that is proportional to the cost driver that is represented by the volume of the underlying activity is a:

   	a.	Mixed cost.
   	b.	Fixed cost.
   	c.	Variable cost.
   	d.	Volume cost.
   	e.	Break-even cost.

Which of the following is not a key difference between managerial accounting and financial accounting?

		The emphasis of financial accounting is information reliability while the emphasis of managerial accounting is information relevance.
		Financial accounting focuses on past financial data while managerial accounting uses all available data.
		Financial accounting focuses on external users while managerial accounting focuses on internal users
		Financial accounting uses financial and non-financial data while managerial accounting only uses non-financial data.
		Financial accounting reports are released periodically while managerial accounting reports are generated on an as-needed basis.