AACE CCT PRIMER ACTUAL EXAM PAPER
2026 FULL QUESTIONS AND CORRECT
ANSWERS GRADED A+
●● ______ 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
●● 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
2026 FULL QUESTIONS AND CORRECT
ANSWERS GRADED A+
●● ______ 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
●● 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
