AACE CCT COMPREHENSIVE
EXAMINATION GUIDE 2026 FULL Q&A
STUDY SET
◉ ______ is the application of scientific principles and techniques to
problems of :
- estimation
- cost control
- business planning & management science
- profitability analysis
- project management
- planning & scheduling.
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.
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..
Answer: Resources, Resources
◉ A resource becomes a cost when it is ______ or consumed in an
_____or project.
Answer: invested, project
◉ Material, labor, and "other" are categories of _________..
Answer: Resources
◉ The product lifecycle is the complete history of a product through
its ______, definition, production, operation, and obsolescence /______
phases..
Answer: concept, disposal
◉ The distinction between product life cycle and project life cycle is
that the latter does not include the ______ and ______..
Answer: operation, disposal
◉ ___________ is the systematic numeric method of classifying various
categories of costs for accounting purposes.
,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).
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.
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.
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 _____.
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.
Answer: by-product
◉ Types of Manufacturing Operations include _____, ______ run and
_____ shop.
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..
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..
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..
Answer: job shop
EXAMINATION GUIDE 2026 FULL Q&A
STUDY SET
◉ ______ is the application of scientific principles and techniques to
problems of :
- estimation
- cost control
- business planning & management science
- profitability analysis
- project management
- planning & scheduling.
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.
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..
Answer: Resources, Resources
◉ A resource becomes a cost when it is ______ or consumed in an
_____or project.
Answer: invested, project
◉ Material, labor, and "other" are categories of _________..
Answer: Resources
◉ The product lifecycle is the complete history of a product through
its ______, definition, production, operation, and obsolescence /______
phases..
Answer: concept, disposal
◉ The distinction between product life cycle and project life cycle is
that the latter does not include the ______ and ______..
Answer: operation, disposal
◉ ___________ is the systematic numeric method of classifying various
categories of costs for accounting purposes.
,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).
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.
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.
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 _____.
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.
Answer: by-product
◉ Types of Manufacturing Operations include _____, ______ run and
_____ shop.
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..
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..
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..
Answer: job shop
