VA Contractors: VA Advanced (Class A) Questions
and Correct Answers| 2026 Updated
A lump sum contract on a project has a total contract price of $160,000.
Retainage has been held back at 10%. The contractor has received progress
payments for 75% of the project. The contractor submits a request for final
payment for the new completed project. The final payment amount should be
for...
Ans: More than $50,000
What is the total value of current assets for an accrual basis company that has
the following? Checking account cash balance is $4,800; materials inventory
for work-in-progress is $4,200; a pick-up truck that cost $12,460- paid for with
$2,460 in cash and a note for $10,000- and is used 100% in the business;
accounts receivable is $5,700; suppliers' accounts payable is $6,300; other
accounts payable is $2,200; and quarterly income tax payment due is $1,180...
Ans: Between $12,000 and $16,000
, What is the total project overhead for a project that lasts 3 months and has the
following costs? Labor is $4,000; materials are $9,500; equipment rentals are
$1,200; superintendent's annual salary is $36,000; office rent is $800 per month;
and office utilities are $375 per month.
Ans: Less than $12,000
For 1 month a company bills out $38,000 in completed work, and receives
$22,000 in payments plus $8,000 from the previous month's billings. They pay
their total bill of $26,000 to supply houses for this month's purchases, and
another $5,000 to supply houses for last month's purchases. Using a cash
accounting method and NOT considering any other revenue or expenses, what is
the company's net income for the month?
Ans: Loss of $1,000
The owner requests for change which will cost the contractor $15,000 in labor
and materials and $2,250 in overhead costs. With the change, the contractor
would be relieved of $18,000 in labor and materials costs, and $2,400 in
overhead costs from the original contract. The original bid included profit of
and Correct Answers| 2026 Updated
A lump sum contract on a project has a total contract price of $160,000.
Retainage has been held back at 10%. The contractor has received progress
payments for 75% of the project. The contractor submits a request for final
payment for the new completed project. The final payment amount should be
for...
Ans: More than $50,000
What is the total value of current assets for an accrual basis company that has
the following? Checking account cash balance is $4,800; materials inventory
for work-in-progress is $4,200; a pick-up truck that cost $12,460- paid for with
$2,460 in cash and a note for $10,000- and is used 100% in the business;
accounts receivable is $5,700; suppliers' accounts payable is $6,300; other
accounts payable is $2,200; and quarterly income tax payment due is $1,180...
Ans: Between $12,000 and $16,000
, What is the total project overhead for a project that lasts 3 months and has the
following costs? Labor is $4,000; materials are $9,500; equipment rentals are
$1,200; superintendent's annual salary is $36,000; office rent is $800 per month;
and office utilities are $375 per month.
Ans: Less than $12,000
For 1 month a company bills out $38,000 in completed work, and receives
$22,000 in payments plus $8,000 from the previous month's billings. They pay
their total bill of $26,000 to supply houses for this month's purchases, and
another $5,000 to supply houses for last month's purchases. Using a cash
accounting method and NOT considering any other revenue or expenses, what is
the company's net income for the month?
Ans: Loss of $1,000
The owner requests for change which will cost the contractor $15,000 in labor
and materials and $2,250 in overhead costs. With the change, the contractor
would be relieved of $18,000 in labor and materials costs, and $2,400 in
overhead costs from the original contract. The original bid included profit of
