VA Contractors: VA Advanced (Class A) Questions & Verified Answers Latest Update 2026/2027

VA Contractors: VA Advanced (Class A) Questions & Verified Answers Latest Update 2026/2027 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... - Correct Answer 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... - Correct Answer 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