VA Contractors: VA Advanced (Class A) ACTUAL EXAM
(2026) QUESTIONS AND (elaborated) WITH COMPLETE
SOLUTIONS
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VA Contractors: VA Advanced (Class... ADVANCED Contracting VA Contractors: VA Advanced (Class... AD
Teacher 24 terms Teacher 30 terms 24 terms 30
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Terms in this set (24)
A lump sum contract on a project has a total contract More than $50,000
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...
What is the total value of current assets for an accrual Between $12,000 and $16,000
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...
What is the total project overhead for a project that Less than $12,000
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.
(2026) QUESTIONS AND (elaborated) WITH COMPLETE
SOLUTIONS
Leave the first rating
Save
Students also studied
Flashcard sets Study guides
VA Contractors: VA Advanced (Class... ADVANCED Contracting VA Contractors: VA Advanced (Class... AD
Teacher 24 terms Teacher 30 terms 24 terms 30
dankinyua Preview wairimumaurine037 Preview etorres152 Preview
Terms in this set (24)
A lump sum contract on a project has a total contract More than $50,000
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...
What is the total value of current assets for an accrual Between $12,000 and $16,000
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...
What is the total project overhead for a project that Less than $12,000
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.
