AACE CCP Exam Dumps

AACE CCP Sample Question Answers

Question # 1

An agricultural corporation that paid 53% in income tax wanted to build a grain elevator designed tolast twenty-five (25) years at a cost of $80,000 with no salvage value. Annual income generatedwould 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 rightside of your split screen, using the drop down menu, to reference during your response/choice ofresponses.Annual estimated tax would be: 

A. $3,869
B. $5,565
C. $10,500
D. $11,925 

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Question # 2

An agricultural corporation that paid 53% in income tax wanted to build a grain elevator designed tolast twenty-five (25) years at a cost of $80,000 with no salvage value. Annual income generatedwould 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 rightside of your split screen, using the drop down menu, to reference during your response/choice ofresponses.All of the following are included in "income tax" calculations except:

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

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Question # 3

An agricultural corporation that paid 53% in income tax wanted to build a grain elevator designed tolast twenty-five (25) years at a cost of $80,000 with no salvage value. Annual income generatedwould 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 rightside of your split screen, using the drop down menu, to reference during your response/choice ofresponses.Depreciation (in the United States) is calculated in accordance with which of the following?

A. Modified Accelerated Cost Recovery System (MACRS) 
B. The Federal IRS Reform Act (FIRSRA) 
C. Generally Accepted Accounting Practices (GAAP) 
D. Accelerated Cost Recovery System (ACRS) 

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Question # 4

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 generatedwould 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 rightside of your split screen, using the drop down menu, to reference during your response/choice ofresponses.What is the "book value (BV) of the asset at the end of 5 years?

A. $64,000
B. $16,000
C. $3,200
D. $60,000

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Question # 5

An agricultural corporation that paid 53% in income tax wanted to build a grain elevator designed tolast twenty-five (25) years at a cost of $80,000 with no salvage value. Annual income generatedwould 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 rightside of your split screen, using the drop down menu, to reference during your response/choice ofresponses.What is the 25 year after tax present worth of this project?

A. $13,738
B. $137,466
C. $(22,533)
D. $22,533

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Question # 6

Money is value. Having money when you need it is very important. Money can also be valuable whenused wisely by knowing when to spend and when to conserve Also, planning now for futureexpenses can be a plus to the company rather than a debit.There are several ways to capitalize money and spending. Basically there is the single paymentmethod that has a compound amount factor and a present worth factor. There is the uniform annualseries that has a sinking fund factor, capital recovery factor and also the compound amount factorand present worth factor. At this point, we can assure money is worth 10%.The following question requires your selection of CCC/CCE Scenario 7 (4.8.50.1.1) from the right sideof your split screen, using the drop down menu, to reference during your response/choice ofresponses. A contractor must purchase a piece of equipment for $150,000. It has an estimated life of 10 yearswith no salvage value at the end. Ten years from now it will be necessary to purchase another pieceof equipment, but this time it will cost $250,000. How much will the contractor need to invest at theend of each year in order to have the right amount? 

A. $15,687
B. $12,550
C. $16,273
D. $9,412 

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Question # 7

Money is value. Having money when you need it is very important. Money can also be valuable whenused wisely by knowing when to spend and when to conserve Also, planning now for futureexpenses can be a plus to the company rather than a debit.There are several ways to capitalize money and spending. Basically there is the single paymentmethod that has a compound amount factor and a present worth factor. There is the uniform annualseries that has a sinking fund factor, capital recovery factor and also the compound amount factorand present worth factor. At this point, we can assure money is worth 10%.The following question requires your selection of CCC/CCE Scenario 7 (4.8.50.1.1) from the right sideof your split screen, using the drop down menu, to reference during your response/choice ofresponses.If you are scheduled for a $100,000 payment at the end of each year for the next five years, what isthe equivalent amount if you were to make a lump sum payment now? 

A. $162,370
B. $679,397
C. $379,100
D. $500,000

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Question # 8

Money is value. Having money when you need it is very important. Money can also be valuable whenused wisely by knowing when to spend and when to conserve Also, planning now for futureexpenses can be a plus to the company rather than a debit.There are several ways to capitalize money and spending. Basically there is the single paymentmethod that has a compound amount factor and a present worth factor. There is the uniform annualseries that has a sinking fund factor, capital recovery factor and also the compound amount factorand present worth factor. At this point, we can assure money is worth 10%.The following question requires your selection of CCC/CCE Scenario 7 (4.8.50.1.1) from the right sideof your split screen, using the drop down menu, to reference during your response/choice ofresponses.If the company needs to repay a loan of $100,000 in 10 uniform annual payments, how much willeach payment be?

A. $16,380
B. $16,578
C. $15,937
D. $16,273

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Question # 9

Money is value. Having money when you need it is very important. Money can also be valuable whenused wisely by knowing when to spend and when to conserve Also, planning now for futureexpenses can be a plus to the company rather than a debit.There are several ways to capitalize money and spending. Basically there is the single paymentmethod that has a compound amount factor and a present worth factor. There is the uniform annualseries that has a sinking fund factor, capital recovery factor and also the compound amount factorand present worth factor. At this point, we can assure money is worth 10%.The following question requires your selection of CCC/CCE Scenario 7 (4.8.50.1.1) from the right sideof your split screen, using the drop down menu, to reference during your response/choice ofresponses.Five years from now it is required the company have $100,000. How much money should be investedat the end of each year to reach this?

A. $15,937
B. $15,397
C. $16,380
D. $13,168

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Question # 10

Money is value. Having money when you need it is very important. Money can also be valuable whenused wisely by knowing when to spend and when to conserve Also, planning now for futureexpenses can be a plus to the company rather than a debit.There are several ways to capitalize money and spending. Basically there is the single paymentmethod that has a compound amount factor and a present worth factor. There is the uniform annualseries that has a sinking fund factor, capital recovery factor and also the compound amount factorand present worth factor. At this point, we can assure money is worth 10%.The following question requires your selection of CCC/CCE Scenario 7 (4.8.50.1.1) from the right sideof your split screen, using the drop down menu, to reference during your response/choice ofresponses.If $20,000 is invested at the end of each fiscal year for the next 10 years, how much would our totalinvestment be worth assuming the interest is at 10%? 

A. $289,370
B. $318,740
C. $265,798
D. $420,236 

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Question # 11

Money is value. Having money when you need it is very important. Money can also be valuable whenused wisely by knowing when to spend and when to conserve Also, planning now for futureexpenses can be a plus to the company rather than a debit.There are several ways to capitalize money and spending. Basically there is the single paymentmethod that has a compound amount factor and a present worth factor. There is the uniform annualseries that has a sinking fund factor, capital recovery factor and also the compound amount factorand present worth factor. At this point, we can assure money is worth 10%.The following question requires your selection of CCC/CCE Scenario 7 (4.8.50.1.1) from the right sideof your split screen, using the drop down menu, to reference during your response/choice ofresponses.If $10,000 is scheduled to be paid out 5 years from now, what is the minimum amount we can investtoday?

A. $3,855
B. $8,129
C. $6,209
D. $3,791

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Question # 12

A major theme park is expanding the existing facility over a five-year period. The design phase will becompleted one year after the contract is awarded. Major engineering drawings will be finalized twoyears after the design contract is awarded and construction will begin three years after the award ofthe design contract. New, unique ride technology will be used and an estimate will need to bedeveloped to identify these costs that have no historical data.Which of the following is least likely to improve a large earthmoving contractor's productivity?

A. Using apprentice operators to save labor costs 
B. Starting summer work in the early morning hours to minimize work during peak heat periods ofthe day
C. Remove underground hazards prior to excavation work 
D. Replacing old excavators with new, larger excavators 

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Question # 13

A major theme park is expanding the existing facility over a five-year period. The design phase will becompleted one year after the contract is awarded. Major engineering drawings will be finalized twoyears after the design contract is awarded and construction will begin three years after the award ofthe design contract. New, unique ride technology will be used and an estimate will need to bedeveloped 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. Depreciation
D. Depletion

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Question # 14

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

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

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Question # 15

A major theme park is expanding the existing facility over a five-year period. The design phase will becompleted one year after the contract is awarded. Major engineering drawings will be finalized twoyears after the design contract is awarded and construction will begin three years after the award ofthe design contract. New, unique ride technology will be used and an estimate will need to bedeveloped 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 newproject scheduler and must update the existing schedule. What will be your first task?

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

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Question # 16

A major theme park is expanding the existing facility over a five-year period. The design phase will becompleted one year after the contract is awarded. Major engineering drawings will be finalized twoyears after the design contract is awarded and construction will begin three years after the award ofthe design contract. New, unique ride technology will be used and an estimate will need to bedeveloped to identify these costs that have no historical data.You are reporting on a roadway project, which was estimated to be 10 miles of road. It was scheduledto be completed in 16 weeks, which is this week. According to your calculations, the project has aschedule performance index of 0.80. What would you advise the management about the scheduledcompletion date?

A. Project will be completed in 20 more weeks
B. Project will be completed this week - on schedule
C. Project will be completed in 4 more weeks
D. Project will be completed in 12.8 more weeks 

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Question # 17

A major theme park is expanding the existing facility over a five-year period. The design phase will becompleted one year after the contract is awarded. Major engineering drawings will be finalized twoyears after the design contract is awarded and construction will begin three years after the award ofthe design contract. New, unique ride technology will be used and an estimate will need to bedeveloped to identify these costs that have no historical data.The following is NOT an advantage of the critical path method: 

A. The ability to determine cost overruns of critical path activities 
B. The ability to identify activities that cannot have their schedules slip if the desired project end dateis to be achieved
C. Reveals activities that additional resources need to be dedicated toward 
D. The ability to show slippage in the progress of key activities 

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Question # 18

A major theme park is expanding the existing facility over a five-year period. The design phase will becompleted one year after the contract is awarded. Major engineering drawings will be finalized twoyears after the design contract is awarded and construction will begin three years after the award ofthe design contract. New, unique ride technology will be used and an estimate will need to bedeveloped to identify these costs that have no historical data.Resource planning must take all of the following into account except: 

A. Types of materials, equipment and labor skills required to complete the project
B. Cash flow (expenditures) limitations for completing work on the project
C. Time available to complete the project
D. Earned value techniques established for the project 

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Question # 19

A major theme park is expanding the existing facility over a five-year period. The design phase will becompleted one year after the contract is awarded. Major engineering drawings will be finalized twoyears after the design contract is awarded and construction will begin three years after the award ofthe design contract. New, unique ride technology will be used and an estimate will need to bedeveloped to identify these costs that have no historical data.Which of the following methods a used for creating critical path schedules: 

A. Precedence diagram method
B. Precedence and arrow diagram methods only
C. Gantt chart (bar chart) method
D. Arrow diagram method

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