True-False questions. For each item below select T (for true) or F (for false) from the drop-down list. * Companies operating in competitive markets use the market-based pricing approach. * In process costing, conversion costs are added at the beginning of the production process. v * Activity based costing system is a refinement of costing systems with its focus on specific activities. * In a Job Costing System, the cost object is masses of identical or similar units of a product or service. * Splitoff Point is the place in a joint production process where two or more products become separately identifiable. * Budgeted balance sheet is included in the financial budget