The set of processes that convert inputs into services and products that consumers use is called 1. the product life cycle. 2.a core competency 3. an operational plan. 4.the value chain. QUESTION 6 Broadly speaking, cost accounting can be defined as a) 1.internal reporting system needed by manufacturers to be in compliance with Cost Accounting Standards Board pronouncements. 2 internal reporting system that provides product costing and other information used by managers in performing their functions 3. external reporting system that is based on activity-based costs. O4.system used for providing the government and creditors with information about a company's internal operations