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AACE CCT Primer Questions & 100% Correct Answers
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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 _________ ~~> Total Cost Management ______ is the application of scientific principles and techniques to problems of : - estimati...

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  • September 12, 2024
  • 69
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • aace cct primer questions 100 correct answers
  • the sum of the practices and processes that an ent

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1 | P a g e | © copyright 2024/2025 | Grade A+




AACE CCT Primer Questions & 100%
Correct Answers
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

_________

✓ ~~> 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

✓ ~~> 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

Master01 | September, 2024/2025 | Latest update

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maintenance, etc., necessary to keep the facility available for use. Other

costs might be office supplies, communication costs, travel costs, and

security costs

✓ ~~> 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.

✓ ~~> Resources, Resources




A resource becomes a cost when it is ______ or consumed in an _____or

project

✓ ~~> invested, project




Material, labor, and "other" are categories of _________.

✓ ~~> Resources




The product lifecycle is the complete history of a product through its ______,

definition, production, operation, and obsolescence /______ phases.




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✓ ~~> concept, disposal




The distinction between product life cycle and project life cycle is that the

latter does not include the ______ and ______.

✓ ~~> operation, disposal




___________ is the systematic numeric method of classifying various categories

of costs for accounting purposes

✓ ~~> 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)

✓ ~~> 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

✓ ~~> consume resources




Master01 | September, 2024/2025 | Latest update

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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

✓ ~~> Product




Product manufactured along with a different product, in a process in which

both are required in the production of another product are considered _____

✓ ~~> 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

✓ ~~> by-product




Types of Manufacturing Operations include _____, ______ run and _____ shop

✓ ~~> 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.

✓ ~~> Process




Master01 | September, 2024/2025 | Latest update

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