Va Contractors: Va Advanced (Class A)
Questions with Correct Answers 2025
AVlumpVsumVcontractVonVaVprojectVhasVaVtotalVcontractVpriceVofV$160,000.VRetainageVhasVbeenVhel
dVbackVatV10%.VTheVcontractorVhasVreceivedVprogressVpaymentsVforV75%VofVtheVproject.VTheVcontr
actorVsubmitsVaVrequestVforVfinalVpaymentVforVtheVnewVcompletedVproject.VTheVfinalVpaymentVam
ountVshouldVbeVfor...V-VCORRECTVANSWERV-MoreVthanV$50,000
WhatVisVtheVtotalVvalueVofVcurrentVassetsVforVanVaccrualVbasisVcompanyVthatVhasVtheVfollowing?VC
heckingVaccountVcashVbalanceVisV$4,800;VmaterialsVinventoryVforVwork-in-
progressVisV$4,200;VaVpick-upVtruckVthatVcostV$12,460-
VpaidVforVwithV$2,460VinVcashVandVaVnoteVforV$10,000-
VandVisVusedV100%VinVtheVbusiness;VaccountsVreceivableVisV$5,700;Vsuppliers'VaccountsVpayableVisV
$6,300;VotherVaccountsVpayableVisV$2,200;VandVquarterlyVincomeVtaxVpaymentVdueVisV$1,180...V-
VCORRECTVANSWERV-BetweenV$12,000VandV$16,000
WhatVisVtheVtotalVprojectVoverheadVforVaVprojectVthatVlastsV3VmonthsVandVhasVtheVfollowingVcosts?
VLaborVisV$4,000;VmaterialsVareV$9,500;VequipmentVrentalsVareV$1,200;Vsuperintendent'sVannualVs
alaryVisV$36,000;VofficeVrentVisV$800VperVmonth;VandVofficeVutilitiesVareV$375VperVmonth.V-
VCORRECTVANSWERV-LessVthanV$12,000
ForV1VmonthVaVcompanyVbillsVoutV$38,000VinVcompletedVwork,VandVreceivesV$22,000VinVpayments
VplusV$8,000VfromVtheVpreviousVmonth'sVbillings.VTheyVpayVtheirVtotalVbillVofV$26,000VtoVsupplyVho
usesVforVthisVmonth'sVpurchases,VandVanotherV$5,000VtoVsupplyVhousesVforVlastVmonth'sVpurchase
s.VUsingVaVcashVaccountingVmethodVandVNOTVconsideringVanyVotherVrevenueVorVexpenses,VwhatVis
VtheVcompany'sVnetVincomeVforVtheVmonth?V-VCORRECTVANSWERV-LossVofV$1,000
TheVownerVrequestsVforVchangeVwhichVwillVcostVtheVcontractorV$15,000VinVlaborVandVmaterialsVan
dV$2,250VinVoverheadVcosts.VWithVtheVchange,VtheVcontractorVwouldVbeVrelievedVofV$18,000VinVlab
orVandVmaterialsVcosts,VandV$2,400VinVoverheadVcostsVfromVtheVoriginalVcontract.VTheVoriginalVbid
VincludedVprofitVofV20%VofVallVcosts.VTheVcontractorVwantsVtoVmakeVaVprofitVofV20%VofVallVcostsVonV
theVchanges.VTheVadjustedVcontractVpriceVforVtheVchangeVorderVshouldVbe...V-
VCORRECTVANSWERV-AVdecreaseVofV$3,780
Questions with Correct Answers 2025
AVlumpVsumVcontractVonVaVprojectVhasVaVtotalVcontractVpriceVofV$160,000.VRetainageVhasVbeenVhel
dVbackVatV10%.VTheVcontractorVhasVreceivedVprogressVpaymentsVforV75%VofVtheVproject.VTheVcontr
actorVsubmitsVaVrequestVforVfinalVpaymentVforVtheVnewVcompletedVproject.VTheVfinalVpaymentVam
ountVshouldVbeVfor...V-VCORRECTVANSWERV-MoreVthanV$50,000
WhatVisVtheVtotalVvalueVofVcurrentVassetsVforVanVaccrualVbasisVcompanyVthatVhasVtheVfollowing?VC
heckingVaccountVcashVbalanceVisV$4,800;VmaterialsVinventoryVforVwork-in-
progressVisV$4,200;VaVpick-upVtruckVthatVcostV$12,460-
VpaidVforVwithV$2,460VinVcashVandVaVnoteVforV$10,000-
VandVisVusedV100%VinVtheVbusiness;VaccountsVreceivableVisV$5,700;Vsuppliers'VaccountsVpayableVisV
$6,300;VotherVaccountsVpayableVisV$2,200;VandVquarterlyVincomeVtaxVpaymentVdueVisV$1,180...V-
VCORRECTVANSWERV-BetweenV$12,000VandV$16,000
WhatVisVtheVtotalVprojectVoverheadVforVaVprojectVthatVlastsV3VmonthsVandVhasVtheVfollowingVcosts?
VLaborVisV$4,000;VmaterialsVareV$9,500;VequipmentVrentalsVareV$1,200;Vsuperintendent'sVannualVs
alaryVisV$36,000;VofficeVrentVisV$800VperVmonth;VandVofficeVutilitiesVareV$375VperVmonth.V-
VCORRECTVANSWERV-LessVthanV$12,000
ForV1VmonthVaVcompanyVbillsVoutV$38,000VinVcompletedVwork,VandVreceivesV$22,000VinVpayments
VplusV$8,000VfromVtheVpreviousVmonth'sVbillings.VTheyVpayVtheirVtotalVbillVofV$26,000VtoVsupplyVho
usesVforVthisVmonth'sVpurchases,VandVanotherV$5,000VtoVsupplyVhousesVforVlastVmonth'sVpurchase
s.VUsingVaVcashVaccountingVmethodVandVNOTVconsideringVanyVotherVrevenueVorVexpenses,VwhatVis
VtheVcompany'sVnetVincomeVforVtheVmonth?V-VCORRECTVANSWERV-LossVofV$1,000
TheVownerVrequestsVforVchangeVwhichVwillVcostVtheVcontractorV$15,000VinVlaborVandVmaterialsVan
dV$2,250VinVoverheadVcosts.VWithVtheVchange,VtheVcontractorVwouldVbeVrelievedVofV$18,000VinVlab
orVandVmaterialsVcosts,VandV$2,400VinVoverheadVcostsVfromVtheVoriginalVcontract.VTheVoriginalVbid
VincludedVprofitVofV20%VofVallVcosts.VTheVcontractorVwantsVtoVmakeVaVprofitVofV20%VofVallVcostsVonV
theVchanges.VTheVadjustedVcontractVpriceVforVtheVchangeVorderVshouldVbe...V-
VCORRECTVANSWERV-AVdecreaseVofV$3,780
