The acoustic black hole (ABH) effect in waveguides is studied using frequency-domain finite element simulations of a cylindrical waveguide with an embedded ABH termination composed of retarding rings. This design is adopted from an experimental study in the literature, which surprisingly showed, contrary to the structural counterpart, that the addition of damping material to the end of the waveguide does not significantly reduce the reflection coefficient any further. To investigate this unexpected behavior, we model different damping mechanisms involved in the attenuation of sound waves in this setup. A sequence of computed pressure distributions indicates occurrences of frequency-dependent resonances in the device. The axial position of the cavity where the resonance occurs can be predicted by a more elaborate wall admittance model than the one that was initially used to study and design ABHs. The results of our simulations show that at higher frequencies, the visco-thermal losses and the damping material added to the end of the setup do not contribute significantly to the performance of the device. Our results suggest that the primary source of damping, responsible for the low reflection coefficients at higher frequencies, is local absorption effects at the outer surface of the cylinder.