VA Contractors: VA Advanced (Class A)
Exam With 100% Correct And Verified
Answers
Ailumpisumicontractioniaiprojectihasiaitotalicontractipriceiofi$160,000.iRet
ainageihasibeeniheldibackiati10%.iTheicontractorihasireceivediprogressipay
mentsifori75%iofitheiproject.iTheicontractorisubmitsiairequestiforifinalipay
mentiforitheinewicompletediproject.iTheifinalipaymentiamountishouldibeifo
r...i-iCorrectiAnswer-Moreithani$50,000
Whatiisitheitotalivalueioficurrentiassetsiforianiaccrualibasisicompanyithatiha
sitheifollowing?
iCheckingiaccounticashibalanceiisi$4,800;imaterialsiinventoryiforiwork-in-
progressiisi$4,200;iaipick-upitruckithaticosti$12,460-
ipaidiforiwithi$2,460iinicashiandiainoteifori$10,000-
iandiisiusedi100%iinitheibusiness;iaccountsireceivableiisi$5,700;isuppliers'i
accountsipayableiisi$6,300;iotheriaccountsipayableiisi$2,200;iandiquarterly
iincomeitaxipaymentidueiisi$1,180...i-iCorrectiAnswer-
Betweeni$12,000iandi$16,000
Whatiisitheitotaliprojectioverheadiforiaiprojectithatilastsi3imonthsiandihasith
eifollowingicosts?
iLaboriisi$4,000;imaterialsiarei$9,500;iequipmentirentalsiarei$1,200;isuperi
ntendent'siannualisalaryiisi$36,000;iofficeirentiisi$800iperimonth;iandioffic
eiutilitiesiarei$375iperimonth.i-iCorrectiAnswer-Lessithani$12,000
Fori1imonthiaicompanyibillsiouti$38,000iinicompletediwork,iandireceivesi$
22,000iinipaymentsiplusi$8,000ifromitheipreviousimonth'sibillings.iTheyip
ayitheiritotalibilliofi$26,000itoisupplyihousesiforithisimonth'sipurchases,ian
dianotheri$5,000itoisupplyihousesiforilastimonth'sipurchases.iUsingiaicashia
ccountingimethodiandiNOTiconsideringianyiotherirevenueioriexpenses,iwh
atiisitheicompany'sinetiincomeiforitheimonth?i-iCorrectiAnswer-
Lossiofi$1,000
iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii Vendarsol
, Theiownerirequestsiforichangeiwhichiwillicostitheicontractori$15,000iinilab
oriandimaterialsiandi$2,250iinioverheadicosts.iWithitheichange,itheicontrac
toriwouldibeirelievediofi$18,000iinilaboriandimaterialsicosts,iandi$2,400iini
overheadicostsifromitheioriginalicontract.iTheioriginalibidiincludediprofitio
fi20%iofiallicosts.iTheicontractoriwantsitoimakeiaiprofitiofi20%iofiallicostsio
nitheichanges.iTheiadjustedicontractipriceiforitheichangeiorderishouldibe...i-
iCorrectiAnswer-Aidecreaseiofi$3,780
Whichiofitheifollowingiwoulditypicallyibeicoveredibyiaicontractor'sicompr
ehensiveigeneraliliabilityiinsuranceipolicy?i-iCorrectiAnswer-
Damageitoiadjoiningipropertyifromiaicraneiaccident
Whatiisitheitotaligrossicompensationiandiemploymentistatusiforiaicarpenter
,igivenitheifollowingiinformation?
iAicontractorihiresiaicarpenteritoidoitheifinishiworkiforiai10-
homeiproject.iTheicarpenteriisitoibeipaidi$16iperihour.iTheicontractoriprovi
desiallimaterialsiandiequipment,isuchiasiaitableisaw.iTheicarpenteriprovides
ialliofihisiownihanditools.iTheicontractorianditheicarpenteriagreeithatialliofit
heihomesiareitoibeicompletediwithini60i8-
houriworkingidays,iwithoutiovertime.iTheicontractoriprovidesitheicarpente
riwithiaischeduleiofitheiorderiiniwhichihomesiareitoibeiworkedion.iTheicontr
actoriprovidesiaihelperitoiassistitheicarpenter.iTheicontractorisetsitheiworkis
cheduleieachiday.iTheicarpenterispendsi600ihoursitoicompleteithisiproject,ii
ncludingi120ihoursiofiovertime.i-iCorrectiAnswer-
Theicarpenteriisianiemployeeiandiisiowedi$10,560iforitheiproject
Whatiisitheinameiofitheiprocessiwheniaifacilitatorimeetsiwithitheimajoriparti
cipantsiiniaiproject,iprioritoitheicommencementiofitheiproject,itoiidentifyith
eisharedigoalsiofialliparticipants?i-iCorrectiAnswer-Partnering
Whatiisitheiaverageicollectioniperiodiratioiforiaifirmithatihasi$365,000iinian
nualirevenues,i$6,600iinicurrentireceivables,iandinetiincomeiofi$32,000?i-
iCorrectiAnswer-6.6
iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii Vendarsol
Exam With 100% Correct And Verified
Answers
Ailumpisumicontractioniaiprojectihasiaitotalicontractipriceiofi$160,000.iRet
ainageihasibeeniheldibackiati10%.iTheicontractorihasireceivediprogressipay
mentsifori75%iofitheiproject.iTheicontractorisubmitsiairequestiforifinalipay
mentiforitheinewicompletediproject.iTheifinalipaymentiamountishouldibeifo
r...i-iCorrectiAnswer-Moreithani$50,000
Whatiisitheitotalivalueioficurrentiassetsiforianiaccrualibasisicompanyithatiha
sitheifollowing?
iCheckingiaccounticashibalanceiisi$4,800;imaterialsiinventoryiforiwork-in-
progressiisi$4,200;iaipick-upitruckithaticosti$12,460-
ipaidiforiwithi$2,460iinicashiandiainoteifori$10,000-
iandiisiusedi100%iinitheibusiness;iaccountsireceivableiisi$5,700;isuppliers'i
accountsipayableiisi$6,300;iotheriaccountsipayableiisi$2,200;iandiquarterly
iincomeitaxipaymentidueiisi$1,180...i-iCorrectiAnswer-
Betweeni$12,000iandi$16,000
Whatiisitheitotaliprojectioverheadiforiaiprojectithatilastsi3imonthsiandihasith
eifollowingicosts?
iLaboriisi$4,000;imaterialsiarei$9,500;iequipmentirentalsiarei$1,200;isuperi
ntendent'siannualisalaryiisi$36,000;iofficeirentiisi$800iperimonth;iandioffic
eiutilitiesiarei$375iperimonth.i-iCorrectiAnswer-Lessithani$12,000
Fori1imonthiaicompanyibillsiouti$38,000iinicompletediwork,iandireceivesi$
22,000iinipaymentsiplusi$8,000ifromitheipreviousimonth'sibillings.iTheyip
ayitheiritotalibilliofi$26,000itoisupplyihousesiforithisimonth'sipurchases,ian
dianotheri$5,000itoisupplyihousesiforilastimonth'sipurchases.iUsingiaicashia
ccountingimethodiandiNOTiconsideringianyiotherirevenueioriexpenses,iwh
atiisitheicompany'sinetiincomeiforitheimonth?i-iCorrectiAnswer-
Lossiofi$1,000
iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii Vendarsol
, Theiownerirequestsiforichangeiwhichiwillicostitheicontractori$15,000iinilab
oriandimaterialsiandi$2,250iinioverheadicosts.iWithitheichange,itheicontrac
toriwouldibeirelievediofi$18,000iinilaboriandimaterialsicosts,iandi$2,400iini
overheadicostsifromitheioriginalicontract.iTheioriginalibidiincludediprofitio
fi20%iofiallicosts.iTheicontractoriwantsitoimakeiaiprofitiofi20%iofiallicostsio
nitheichanges.iTheiadjustedicontractipriceiforitheichangeiorderishouldibe...i-
iCorrectiAnswer-Aidecreaseiofi$3,780
Whichiofitheifollowingiwoulditypicallyibeicoveredibyiaicontractor'sicompr
ehensiveigeneraliliabilityiinsuranceipolicy?i-iCorrectiAnswer-
Damageitoiadjoiningipropertyifromiaicraneiaccident
Whatiisitheitotaligrossicompensationiandiemploymentistatusiforiaicarpenter
,igivenitheifollowingiinformation?
iAicontractorihiresiaicarpenteritoidoitheifinishiworkiforiai10-
homeiproject.iTheicarpenteriisitoibeipaidi$16iperihour.iTheicontractoriprovi
desiallimaterialsiandiequipment,isuchiasiaitableisaw.iTheicarpenteriprovides
ialliofihisiownihanditools.iTheicontractorianditheicarpenteriagreeithatialliofit
heihomesiareitoibeicompletediwithini60i8-
houriworkingidays,iwithoutiovertime.iTheicontractoriprovidesitheicarpente
riwithiaischeduleiofitheiorderiiniwhichihomesiareitoibeiworkedion.iTheicontr
actoriprovidesiaihelperitoiassistitheicarpenter.iTheicontractorisetsitheiworkis
cheduleieachiday.iTheicarpenterispendsi600ihoursitoicompleteithisiproject,ii
ncludingi120ihoursiofiovertime.i-iCorrectiAnswer-
Theicarpenteriisianiemployeeiandiisiowedi$10,560iforitheiproject
Whatiisitheinameiofitheiprocessiwheniaifacilitatorimeetsiwithitheimajoriparti
cipantsiiniaiproject,iprioritoitheicommencementiofitheiproject,itoiidentifyith
eisharedigoalsiofialliparticipants?i-iCorrectiAnswer-Partnering
Whatiisitheiaverageicollectioniperiodiratioiforiaifirmithatihasi$365,000iinian
nualirevenues,i$6,600iinicurrentireceivables,iandinetiincomeiofi$32,000?i-
iCorrectiAnswer-6.6
iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii Vendarsol
