Sorry, but I can only offer a guess. Most munitions on Aces High are "hybrids." Take the bullets, for example. In real life, a gun would have a belt loaded in a certain pattern of different shells such as High Explosive, Tracer, Incendiary, ect. Aces High tries to balance that by making each bullet have the characteristics of all of the shells in the belt in proportion to how many of each kind of shell was in a belt. Just say that a plane generally carried two HE and a Tracer, then two HE and a Tracer, ect. Our plane would fire a shell that has the characteristics of 2/3 of HE and 1/3 of a Tracer shell.
I would have to assume that bombs may work the same way. However, I have seen points stating that we need AP bombs, so it could be that we only have standard HE as well.
