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AACE CCT PRIMER EXAM WITH (250) QUESTIONS AND VERIFIED ANSWERS
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AACE CCT PRIMER EXAM WITH (250) QUESTIONS ANDVERIFIED ANSWERS 2024-2025
Whole cost Management is the totality of an enterprise's strategies and processes
for managing the whole life cycle cost investment in its portfolio of strategic assets.
______ is the use of scientific principles and methodologies to situations involving:
- estimate
- Cost control
- Business planning and management science.
- Profitability Analysis
- Project management.
- Planning and scheduling. - ANSWER Cost Engineering
_______ is the value of an activity or asset. Generally, its value is established by
the cost of the resources used to accomplish the activity or produce the item. For
example, the facilities required to generate an activity or asset might include the
tools, electricity, taxes, and maintenance, among other things, to keep the facility
operational. Other costs may include office supplies, communication charges,
travel expenses, and security fees. - ANSWER Cost
Any consumable, other than time, required to complete an activity is termed
_______. In terms of total cost and asset management, _______ can refer to any
actual or projected investment in strategic assets such as time, money, people, and
physical resources. - ANSWER, Resources
A resource becomes a cost when it is ______ or used in a _____or project.
ANSWER invested, project
,Material, labour, and "other" are all examples of _________. - ANSWER
Resources
The product lifespan is the whole history of a product, including its ______,
definition, manufacture, operation, and obsolescence. - ANSWER idea and disposal
The project life cycle differs from the product life cycle in that it excludes the
______ and ______. - ANSWER operation and disposal
___________ is the systematic numerical way of classifying numerous categories
of costs for accounting purposes - ANSWER Code of Accounts.
______ is utilized in instances where each job is unique and performed according
to the customer's specifications. This entails keeping track of both direct costs
(labour, machine time, raw materials) and indirect costs (overheads). - ANSWER
Job Costing
A process is a set of independent and related procedures that convert inputs into
outputs. These outputs then act as inputs for the following stage until a known goal
or final result is accomplished. ANSWER requires resources.
A _____ is a thing, concept, method, information, object, service, and so on, that is
the result of a process and functions as a need or wish satisfied. Product - Answer
Product
Products produced along with a separate product, in a procedure in which both are
necessary in the manufacturing of another product are evaluated. _____ - Answer
Co-products
A key aspect of a ____ is that it has minimal value in compared to the principal
product(s) and can be discarded or sold. - ANSWER: byproduct
,Manufacturing operations include _____, ______ run, and _____ shop. ANSWER
Process, Batch, Job
This manufacturing method virtually always produces the same thing. Examples
include refining and chemical factories, as well as very long-run assembly
activities. - The Answer Process
A ______ is defined as setting up for one product, generating a predetermined
quantity of product, and then shutting down to switch to producing another product.
- Answer: Batch Run
A _______ Similar to a batch run process, only you just make one of the item. Each
job produces a unique product. Examples include metal manufacturing,
prototyping, and fabrication. - ANSWER Job Shop
Executive/senior management, legal, human resources, business development, and
other roles. These positions are the furthest removed from the actual manufacturing
of discrete products at the various sites. They are shared across multiple production
locations and are regarded as ______. - ANSWER overhead.
______ are field/plant support professionals who work on-site. These resources
make the operation function smoothly. These are people who work on local payroll,
facility maintenance, site project controls, site senior (office-based) supervisors,
and management for all of the products produced at that location. - The answer is
indirect.
There are persons in faraway locations who are actively involved in the product's
production. These are the easiest to link their efforts to a certain product. First-line
supervisors are also typically considered ______. - The answer directs
The owner handles cost from a _____ perspective. Owners consider not only the
expense of the construction or procedure, but also the supervision.
, Overhead, implementation costs, cost of money, furniture, fixtures, equipment
(FFE), and other considerations - ANSWER comprehensive, internal
Contractors, subcontractors, and suppliers only consider their portion of the project
and are solely responsible for it. - ANSWER Project Costs
The general definition of ________ is the appraisal or estimation of the worth of
something with economic or monetary value. - ANSWER value.
Valuation in _______ is the determination of the worth of the asset or that which
has been damaged or lost. ANSWER insurance, insured
The customs authorities determine the dutiable worth of imported goods through
valuation in ________. - ANSWER International Trade
A(n) _________ reflects the foregone advantage of selecting one choice over
another - ANSWER Opportunity cost.
There is a correlation between time and the ability to alter a project's cost. The
more time that has passed, the ____ probability of changing the cost. It is critical to
make cost-effective decisions early in a project or process in order to have the most
impact on costs. - Respond quickly and with fewer words.
________ focuses on external reporting. Maintain the balance sheet (assets and
liabilities) and create income (revenues minus expenses) and tax returns for the
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