16. Which cost accumulation procedure is best suited to a continuous mass production process of similar units? O Job order costing Standard costing O Actual costing O Process costing 17. Which of the following accounts is similar to the Inventory account of a merchandising company? O Raw Materials Inventory o Work in Process Inventory Finished Goods Inventory O Manufacturing Overhead 18. Finished Goods Inventory decreases by the? o cost of goods manufactured O Overhead applied O Cost of selling the product O Cost of goods sold 19. 11. A process costing system is used by a company that? O Produces heterogeneous products O Produces items by special request of customers O Produces homogeneous products Accumulates costs by job 12. Which of the following is a characteristic of process cost accounting system? o Material, Labor and Overheads are accumulated by orders o companies use this system if they process custom orders o Only Closing stock of work in process is restated in terms of completed units Opening and Closing stock of work in process are related in terms of completed units 13. A cost incurred in one processing department that is transferred to the next processing department is called a? 0 Transferred-in cost o Split cost O Carry-over cost O Conversion cost 14. If the beginning balance in the Raw Materials Inventory account for the month was Php. 25,000, the ending balance of Php. 22,000 and material used during the month was Php. 130,000, what is the amount of materials purchased during the month? O Php 177,000 0 Php 130,000 0 Php 127,000 0 Php 133,000 15. Which of the following companies is most likely to use a process costing system? O Alaw office O A custom home builder O A car repair business O A food manufacturer