AACE CCT PRIMER QUESTIONS AND
ANSWERS 100% VERIFIED.
The sum of the practices and processes that an enterprise uses
to manage the total life cycle cost investment in its portfolio of
strategic assets is called _________ - correct answer
Total Cost Management
______ is the application of scientific principles and techniques
to problems of :
- estimation
- cost control
- business planning & management science
- profitability analysis
- project management
- planning & scheduling - correct answer
Cost Engineering
_______ Is the value of an activity or asset. Generally, this value
is determined by the cost of the resources that are expended to
complete the activity or produce the asset. An example would
be the facilities needed to produce an activity or asset, which
would include the tooling, electricity, taxes, and maintenance,
etc., necessary to keep the facility available for use. Other costs
might be office supplies, communication costs, travel costs, and
security costs - correct answer
Cost
Any consumable, except time, required to accomplish an
activity are considered _______. From a total cost and asset
management perspective, _______ may include any real or
,potential investment in strategic assets including time,
monetary, human, and physical. - correct answer
Resources, Resources
A resource becomes a cost when it is ______ or consumed in an
_____or project - correct answer
invested, project
Material, labor, and "other" are categories of _________. -
correct answer
Resources
The product lifecycle is the complete history of a product
through its ______, definition, production, operation, and
obsolescence /______ phases. - correct answer
concept, disposal
The distinction between product life cycle and project life cycle
is that the latter does not include the ______ and ______. -
correct answer
operation, disposal
___________ is the systematic numeric method of classifying
various categories of costs for accounting purposes - correct
answer
Code of Accounts
______ is used used in situations where each job is different
and is performed to the customer's specifications. ______
,involves keeping an account of direct costs (labor, machine
time, raw materials) and indirect costs (overheads) - correct
answer
Job Costing, Job Costing
A process is a sequence or independent & linked procedures
which ___________ to convert inputs into outputs. These
outputs then serve as inputs for the next stage until a known
goal or end result is reached - correct answer
consume resources
A _____ is a good, idea, method, information, object, service,
etc, that is the end result of a process & serves as a need or
want satisfierProduct - correct answer
Product
Product manufactured along with a different product, in a
process in which both are required in the production of another
product are considered _____ - correct answer
Co-products
A key feature of a ____ is that it has low value in comparison
with the principal product(s) & may be discarded or sold -
correct answer
by-product
Types of Manufacturing Operations include _____, ______ run
and _____ shop - correct answer
Process, Batch, Job
, This manufacturing operation runs almost continuously making
the same thing. Examples are refining and chemical plants, and
very long run assembly operations. - correct answer
Process
A ______ characterized by setting up for one product,
producing a set quantity of product, and then shutting down to
change over to producing another product. - correct answer
Batch Run
A _______ Similar to a batch run operation, except that you
only produce 1 of the item. Each job results in a customized
product. Examples are metal fabrication, prototype, fabrication.
- correct answer
job shop
Roles such as executive/senior management, legal, HR,
business development, etc. These roles are the farthest
removed from the actual production of discrete product at the
various facilities. They are shared across many production
locations and considered ______. - correct answer
overhead
______ are field/plant support personnel, located at the site.
These resources help the operation run smoothly. These are
people like local payroll, facility maintenance, site project
controls, site senior (office-based) supervisors and
management who are shared across the various products the
particular location produces. - correct answer
Indirects
ANSWERS 100% VERIFIED.
The sum of the practices and processes that an enterprise uses
to manage the total life cycle cost investment in its portfolio of
strategic assets is called _________ - correct answer
Total Cost Management
______ is the application of scientific principles and techniques
to problems of :
- estimation
- cost control
- business planning & management science
- profitability analysis
- project management
- planning & scheduling - correct answer
Cost Engineering
_______ Is the value of an activity or asset. Generally, this value
is determined by the cost of the resources that are expended to
complete the activity or produce the asset. An example would
be the facilities needed to produce an activity or asset, which
would include the tooling, electricity, taxes, and maintenance,
etc., necessary to keep the facility available for use. Other costs
might be office supplies, communication costs, travel costs, and
security costs - correct answer
Cost
Any consumable, except time, required to accomplish an
activity are considered _______. From a total cost and asset
management perspective, _______ may include any real or
,potential investment in strategic assets including time,
monetary, human, and physical. - correct answer
Resources, Resources
A resource becomes a cost when it is ______ or consumed in an
_____or project - correct answer
invested, project
Material, labor, and "other" are categories of _________. -
correct answer
Resources
The product lifecycle is the complete history of a product
through its ______, definition, production, operation, and
obsolescence /______ phases. - correct answer
concept, disposal
The distinction between product life cycle and project life cycle
is that the latter does not include the ______ and ______. -
correct answer
operation, disposal
___________ is the systematic numeric method of classifying
various categories of costs for accounting purposes - correct
answer
Code of Accounts
______ is used used in situations where each job is different
and is performed to the customer's specifications. ______
,involves keeping an account of direct costs (labor, machine
time, raw materials) and indirect costs (overheads) - correct
answer
Job Costing, Job Costing
A process is a sequence or independent & linked procedures
which ___________ to convert inputs into outputs. These
outputs then serve as inputs for the next stage until a known
goal or end result is reached - correct answer
consume resources
A _____ is a good, idea, method, information, object, service,
etc, that is the end result of a process & serves as a need or
want satisfierProduct - correct answer
Product
Product manufactured along with a different product, in a
process in which both are required in the production of another
product are considered _____ - correct answer
Co-products
A key feature of a ____ is that it has low value in comparison
with the principal product(s) & may be discarded or sold -
correct answer
by-product
Types of Manufacturing Operations include _____, ______ run
and _____ shop - correct answer
Process, Batch, Job
, This manufacturing operation runs almost continuously making
the same thing. Examples are refining and chemical plants, and
very long run assembly operations. - correct answer
Process
A ______ characterized by setting up for one product,
producing a set quantity of product, and then shutting down to
change over to producing another product. - correct answer
Batch Run
A _______ Similar to a batch run operation, except that you
only produce 1 of the item. Each job results in a customized
product. Examples are metal fabrication, prototype, fabrication.
- correct answer
job shop
Roles such as executive/senior management, legal, HR,
business development, etc. These roles are the farthest
removed from the actual production of discrete product at the
various facilities. They are shared across many production
locations and considered ______. - correct answer
overhead
______ are field/plant support personnel, located at the site.
These resources help the operation run smoothly. These are
people like local payroll, facility maintenance, site project
controls, site senior (office-based) supervisors and
management who are shared across the various products the
particular location produces. - correct answer
Indirects
