AACE CCT Primer Exam A+ Questions
and Answers Verified Solutions Latest
Update 2026/2027
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
●● 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 ______.
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.
, Answer:
Indirects
●● _______are the remote location people directly involved in producing the product. These are
the easiest to correlate their effort to a particular product. First line supervisors are also normally
considered ______.
Answer:
Directs
●● The owner approaches cost from a _____ point of view. Owners not only consider the cost of
the construction, or process, but ______ supervision
and overhead, implementation costs, cost of money, furniture, fixtures, equipment( FFE) and other
considerations
Answer:
holistic, internal
●● Contractors, subcontractors, suppliers only consider their part of the _______ and are
responsible for that alone.
Answer:
Project costs
●● Appraising or estimating the worth of something having economic or monetary value is the
general description of ________.
Answer:
valuation
●● Valuation in _______ is the determination of the worth of the asset or that which has been
damaged or lost
Answer:
insurance, insured
●● Valuation in ________ is the determination of the dutiable value of imports by the customs
authorities.
Answer:
and Answers Verified Solutions Latest
Update 2026/2027
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
●● 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 ______.
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.
, Answer:
Indirects
●● _______are the remote location people directly involved in producing the product. These are
the easiest to correlate their effort to a particular product. First line supervisors are also normally
considered ______.
Answer:
Directs
●● The owner approaches cost from a _____ point of view. Owners not only consider the cost of
the construction, or process, but ______ supervision
and overhead, implementation costs, cost of money, furniture, fixtures, equipment( FFE) and other
considerations
Answer:
holistic, internal
●● Contractors, subcontractors, suppliers only consider their part of the _______ and are
responsible for that alone.
Answer:
Project costs
●● Appraising or estimating the worth of something having economic or monetary value is the
general description of ________.
Answer:
valuation
●● Valuation in _______ is the determination of the worth of the asset or that which has been
damaged or lost
Answer:
insurance, insured
●● Valuation in ________ is the determination of the dutiable value of imports by the customs
authorities.
Answer:
