There are 15 multiple-choice questions and each is worth 3 points. 11. The major internal users of accounting information are Managers who use information for day-to-day operating decisions b. Investors for investment decisions c. Financial analysts to research a particular stock d. Government authorities e. Both a and c 12. Which of the following should be considered in the selection of an accounting system? a. Behavioral effects of the system on managers b. Costs of buying and operating the system c. Improved decision-making power resulting from the system d. Both b and c e. All of them a, b, and c 13. Concentrating on areas that need attention and ignoring areas that appear to be running smoothly is called a. variance analysis b. management by exception c. management smoothing budget analysis 14. Which of the following is not an example of a special report? a. b. c. d. e. Cash flow statement Customer survey Competitor analysis Cost-benefit analysis Project feasibility studies 15. The various stages through which a product passes from introduction to discontinuation are called: a. Planning cycle b. Control perioo c. Budget cycle d. Value chain process e. Product life cycle The focus on customers occurs in which functions of the value chain? a. Research and development on product design and functions b. Production to minimize defects and spoilage c. Marketing to create awareness and product benefits d. Distribution channels involving online and in-store sales e. All of the above 16