Pass Guaranteed 2024 AACE International Fantastic CCP: Reliable Exam Certified Cost Professional (CCP) Exam Pass4sure

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AACE International Certified Cost Professional (CCP) Exam Sample Questions (Q71-Q76):

NEW QUESTION # 71
A major theme park is expanding the existing facility over a five-year period. The design phase will be completed one year after the contract is awarded. Major engineering drawings will be finalized two years after the design contract is awarded and construction will begin three years after the award of the design contract. New, unique ride technology will be used and an estimate will need to be developed to identify these costs that have no historical data.
The project scheduler left the company and has left unfinished work. You have been hired as the new project scheduler and must update the existing schedule. What will be your first task?

A. Recalculate the early start for each activity
B. Update the remaining duration for each activity
C. Recalculate the early finish for each activity
D. Recalculate the critical path

Answer: B

Explanation:
When taking over an unfinished schedule, the first task should be to update the remaining duration for each activity. This step is crucial because it provides a current and accurate view of how much work is still needed to complete the project. Once the remaining durations are updated, other calculations, such as recalculating the critical path or early start/finish, will be more accurate. Therefore, the correct answer is C. Update the remaining duration for each activity.

NEW QUESTION # 72
A major theme park is expanding the existing facility over a five-year period. The design phase will be completed one year after the contract is awarded. Major engineering drawings will be finalized two years after the design contract is awarded and construction will begin three years after the award of the design contract. New, unique ride technology will be used and an estimate will need to be developed to identify these costs that have no historical data.
Profits that could not be formally recognized during a specific financial accounting period because the goods and services did not satisfy all the customer's requirements are:

A. Lost profits
B. Postponed profits
C. Marginal profits
D. Incurred profits

Answer: B

NEW QUESTION # 73
A major theme park is expanding the existing facility over a five-year period. The design phase will be completed one year after the contract is awarded. Major engineering drawings will be finalized two years after the design contract is awarded and construction will begin three years after the award of the design contract. New, unique ride technology will be used and an estimate will need to be developed to identify these costs that have no historical data.
The recognition of loss of value of a natural resource used in the production process is referred to as:

A. Capital reduction
B. Net loss
C. Depletion
D. Depreciation

Answer: C

Explanation:
Depletion is the accounting term used to recognize the loss of value of a natural resource as it is extracted and used in the production process. It is similar to depreciation but specifically applies to natural resources, such as minerals, oil, or timber. Depreciation applies to tangible fixed assets like machinery, while depletion is used for natural resources. The correct answer is D. Depletion.

NEW QUESTION # 74
An agricultural corporation that paid 53% in income tax wanted to build a grain elevator designed to last twenty-five (25) years at a cost of $80,000 with no salvage value. Annual income generated would be $22,500 and annual expenditures were to be $12,000.
Answer the question using a straight line depreciation and a 10% interest rate.
The following question requires your selection of CCC/CCE Scenario 17 (4.2.50.1.1) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.
All of the following are included in "income tax" calculations except:

A. Initial cost of investment
B. Annual income
C. Depreciation
D. Annual expenditures

Answer: A

NEW QUESTION # 75
An agricultural corporation that paid 53% in income tax wanted to build a grain elevator designed to last twenty-five (25) years at a cost of $80,000 with no salvage value. Annual income generated would be $22,500 and annual expenditures were to be $12,000.
Answer the question using a straight line depreciation and a 10% interest rate.
Which of the following interest rates disregards the effects of compounding periods that occur more frequent than annually?

A. Nominal interest rate
B. Continuous compounding rate
C. Simple interest rate
D. Minimum attractive rate of return

Answer: A

Explanation:
The Nominal interest rate is the rate of interest before adjusting for compounding within the year. It disregards the effects of compounding periods that occur more frequently than annually. For instance, a nominal rate of 12% compounded monthly would still be referred to as 12%, without taking into account the fact that the effective annual rate would be higher due to monthly compounding. The other options, such as continuous compounding, simple interest, and minimum attractive rate of return (MARR), do account for compounding or are specific types of interest. Therefore, the correct answer is D. Nominal interest rate.

NEW QUESTION # 76
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