VA Contractors: VA Advanced (Class A) Exam
With 100% Correct Answers – Latest Update
2026/2027 | Graded A+.
Ailumpisumicontractioniaiprojectihasiaitotalicontractipriceiofi$160,
000.iRetainageihasibeeniheldibackiati10%.iTheicontractorihasirece
ivediprogressipaymentsifori75%iofitheiproject.iTheicontractorisub
mitsiairequestiforifinalipaymentiforitheinewicompletediproject.iTh
eifinalipaymentiamountishouldibeifor...i-iCorrectiAnswer-
Moreithani$50,000
Whatiisitheitotalivalueioficurrentiassetsiforianiaccrualibasisicompa
nyithatihasitheifollowing?iCheckingiaccounticashibalanceiisi$4,80
0;imaterialsiinventoryiforiwork-in-progressiisi$4,200;iaipick-
upitruckithaticosti$12,460-
ipaidiforiwithi$2,460iinicashiandiainoteifori$10,000-
iandiisiusedi100%iinitheibusiness;iaccountsireceivableiisi$5,700;isu
ppliers'iaccountsipayableiisi$6,300;iotheriaccountsipayableiisi$2,2
00;iandiquarterlyiincomeitaxipaymentidueiisi$1,180...i-
iCorrectiAnswer-Betweeni$12,000iandi$16,000
Whatiisitheitotaliprojectioverheadiforiaiprojectithatilastsi3imonths
iandihasitheifollowingicosts?iLaboriisi$4,000;imaterialsiarei$9,500;
iequipmentirentalsiarei$1,200;isuperintendent'siannualisalaryiisi$
36,000;iofficeirentiisi$800iperimonth;iandiofficeiutilitiesiarei$375i
perimonth.i-iCorrectiAnswer-Lessithani$12,000
iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiVendarsol
, Fori1imonthiaicompanyibillsiouti$38,000iinicompletediwork,iandir
eceivesi$22,000iinipaymentsiplusi$8,000ifromitheipreviousimont
h'sibillings.iTheyipayitheiritotalibilliofi$26,000itoisupplyihousesifori
thisimonth'sipurchases,iandianotheri$5,000itoisupplyihousesiforil
astimonth'sipurchases.iUsingiaicashiaccountingimethodiandiNOTi
consideringianyiotherirevenueioriexpenses,iwhatiisitheicompany'
sinetiincomeiforitheimonth?i-iCorrectiAnswer-Lossiofi$1,000
Whichiofitheifollowingiwoulditypicallyibeicoveredibyiaicontractor'
sicomprehensiveigeneraliliabilityiinsuranceipolicy?i-
iCorrectiAnswer-
Damageitoiadjoiningipropertyifromiaicraneiaccident
Whatiisitheitotaligrossicompensationiandiemploymentistatusifori
aicarpenter,igivenitheifollowingiinformation?iAicontractorihiresiai
carpenteritoidoitheifinishiworkiforiai10-
homeiproject.iTheicarpenteriisitoibeipaidi$16iperihour.iTheicontra
ctoriprovidesiallimaterialsiandiequipment,isuchiasiaitableisaw.iThe
icarpenteriprovidesialliofihisiownihanditools.iTheicontractoriandit
heicarpenteriagreeithatialliofitheihomesiareitoibeicompletediwithi
ni60i8-
houriworkingidays,iwithoutiovertime.iTheicontractoriprovidesithe
icarpenteriwithiaischeduleiofitheiorderiiniwhichihomesiareitoibeiw
orkedion.iTheicontractoriprovidesiaihelperitoiassistitheicarpenter.i
Theicontractorisetsitheiworkischeduleieachiday.iTheicarpenterisp
endsi600ihoursitoicompleteithisiproject,iincludingi120ihoursiofiov
ertime.i-iCorrectiAnswer-
Theicarpenteriisianiemployeeiandiisiowedi$10,560iforitheiproject
iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiVendarsol
With 100% Correct Answers – Latest Update
2026/2027 | Graded A+.
Ailumpisumicontractioniaiprojectihasiaitotalicontractipriceiofi$160,
000.iRetainageihasibeeniheldibackiati10%.iTheicontractorihasirece
ivediprogressipaymentsifori75%iofitheiproject.iTheicontractorisub
mitsiairequestiforifinalipaymentiforitheinewicompletediproject.iTh
eifinalipaymentiamountishouldibeifor...i-iCorrectiAnswer-
Moreithani$50,000
Whatiisitheitotalivalueioficurrentiassetsiforianiaccrualibasisicompa
nyithatihasitheifollowing?iCheckingiaccounticashibalanceiisi$4,80
0;imaterialsiinventoryiforiwork-in-progressiisi$4,200;iaipick-
upitruckithaticosti$12,460-
ipaidiforiwithi$2,460iinicashiandiainoteifori$10,000-
iandiisiusedi100%iinitheibusiness;iaccountsireceivableiisi$5,700;isu
ppliers'iaccountsipayableiisi$6,300;iotheriaccountsipayableiisi$2,2
00;iandiquarterlyiincomeitaxipaymentidueiisi$1,180...i-
iCorrectiAnswer-Betweeni$12,000iandi$16,000
Whatiisitheitotaliprojectioverheadiforiaiprojectithatilastsi3imonths
iandihasitheifollowingicosts?iLaboriisi$4,000;imaterialsiarei$9,500;
iequipmentirentalsiarei$1,200;isuperintendent'siannualisalaryiisi$
36,000;iofficeirentiisi$800iperimonth;iandiofficeiutilitiesiarei$375i
perimonth.i-iCorrectiAnswer-Lessithani$12,000
iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiVendarsol
, Fori1imonthiaicompanyibillsiouti$38,000iinicompletediwork,iandir
eceivesi$22,000iinipaymentsiplusi$8,000ifromitheipreviousimont
h'sibillings.iTheyipayitheiritotalibilliofi$26,000itoisupplyihousesifori
thisimonth'sipurchases,iandianotheri$5,000itoisupplyihousesiforil
astimonth'sipurchases.iUsingiaicashiaccountingimethodiandiNOTi
consideringianyiotherirevenueioriexpenses,iwhatiisitheicompany'
sinetiincomeiforitheimonth?i-iCorrectiAnswer-Lossiofi$1,000
Whichiofitheifollowingiwoulditypicallyibeicoveredibyiaicontractor'
sicomprehensiveigeneraliliabilityiinsuranceipolicy?i-
iCorrectiAnswer-
Damageitoiadjoiningipropertyifromiaicraneiaccident
Whatiisitheitotaligrossicompensationiandiemploymentistatusifori
aicarpenter,igivenitheifollowingiinformation?iAicontractorihiresiai
carpenteritoidoitheifinishiworkiforiai10-
homeiproject.iTheicarpenteriisitoibeipaidi$16iperihour.iTheicontra
ctoriprovidesiallimaterialsiandiequipment,isuchiasiaitableisaw.iThe
icarpenteriprovidesialliofihisiownihanditools.iTheicontractoriandit
heicarpenteriagreeithatialliofitheihomesiareitoibeicompletediwithi
ni60i8-
houriworkingidays,iwithoutiovertime.iTheicontractoriprovidesithe
icarpenteriwithiaischeduleiofitheiorderiiniwhichihomesiareitoibeiw
orkedion.iTheicontractoriprovidesiaihelperitoiassistitheicarpenter.i
Theicontractorisetsitheiworkischeduleieachiday.iTheicarpenterisp
endsi600ihoursitoicompleteithisiproject,iincludingi120ihoursiofiov
ertime.i-iCorrectiAnswer-
Theicarpenteriisianiemployeeiandiisiowedi$10,560iforitheiproject
iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiVendarsol
