VA CONTRACTORS: VA ADVANCED (CLASS A) LATEST 2026/2027 ACTUAL EXAM QUESTIONS WITH CORRECT ANSWERS 100% VERIFIED GRADED A+

VA CONTRACTORS: VA ADVANCED
(CLASS A) LATEST 2026/2027 ACTUAL
EXAM QUESTIONS WITH CORRECT
ANSWERS 100% VERIFIED GRADED
A+
1. Amlumpmsummcontractmonmamprojectmhasmamtotalmcontractmpricemofm$160,000.mRetainagemh
asmbeenmheldmbackmatm10%.mThemcontractormhasmreceivedmprogressmpaymentsmform75%mof
mthemproject.mThemcontractormsubmitsmamrequestmformfinalmpaymentmformthemnewmcomplet


edmproject.mThemfinalmpaymentmamountmshouldmbemfor...m-
mCORRECTmANSWERmMoremthanm$50,000




2. Whatmismthemtotalmvaluemofmcurrentmassetsmformanmaccrualmbasismcompanymthatmhasmthemfo
llowing?mCheckingmaccountmcashmbalancemism$4,800;mmaterialsminventorymformwork-in-
progressmism$4,200;mampick-upmtruckmthatmcostm$12,460-
mpaidmformwithm$2,460minmcashmandmamnotemform$10,000-


mandmismusedm100%minmthembusiness;maccountsmreceivablemism$5,700;msuppliers'maccountsm


payablemism$6,300;mothermaccountsmpayablemism$2,200;mandmquarterlymincomemtaxmpayme
ntmduemism$1,180...m-mCORRECTmANSWERmBetweenm$12,000mandm$16,000



3. Whatmismthemtotalmprojectmoverheadmformamprojectmthatmlastsm3mmonthsmandmhasmthemfollo
wingmcosts?mLabormism$4,000;mmaterialsmarem$9,500;mequipmentmrentalsmarem$1,200;msup
erintendent'smannualmsalarymism$36,000;mofficemrentmism$800mpermmonth;mandmofficemutiliti
esmarem$375mpermmonth.m-mCORRECTmANSWERmLessmthanm$12,000



4. Form1mmonthmamcompanymbillsmoutm$38,000minmcompletedmwork,mandmreceivesm$22,000min
mpaymentsmplusm$8,000mfrommthempreviousmmonth'smbillings.mTheympaymtheirmtotalmbillmofm


$26,000mtomsupplymhousesmformthismmonth'smpurchases,mandmanotherm$5,000mtomsupplymh
ousesmformlastmmonth'smpurchases.mUsingmamcashmaccountingmmethodmandmNOTmconsideri
ngmanymothermrevenuemormexpenses,mwhatmismthemcompany'smnetmincomemformthemmonth?
m-mCORRECTmANSWERmLossmofm$1,000

, 5. Themownermrequestsmformchangemwhichmwillmcostmthemcontractorm$15,000minmlabormandmm
aterialsmandm$2,250minmoverheadmcosts.mWithmthemchange,mthemcontractormwouldmbemrelie
vedmofm$18,000minmlabormandmmaterialsmcosts,mandm$2,400minmoverheadmcostsmfrommthemo
riginalmcontract.mThemoriginalmbidmincludedmprofitmofm20%mofmallmcosts.mThemcontractormwa
ntsmtommakemamprofitmofm20%mofmallmcostsmonmthemchanges.mThemadjustedmcontractmpricemf
ormthemchangemordermshouldmbe...m-mCORRECTmANSWERmAmdecreasemofm$3,780



6. Whichmofmthemfollowingmwouldmtypicallymbemcoveredmbymamcontractor'smcomprehensivemg
eneralmliabilityminsurancempolicy?m-
mCORRECTmANSWERmDamagemtomadjoiningmpropertymfrommamcranemaccident




7. Whatmismthemtotalmgrossmcompensationmandmemploymentmstatusmformamcarpenter,mgivenmt
hemfollowingminformation?mAmcontractormhiresmamcarpentermtomdomthemfinishmworkmformam1
0-
homemproject.mThemcarpentermismtombempaidm$16mpermhour.mThemcontractormprovidesmallm
materialsmandmequipment,msuchmasmamtablemsaw.mThemcarpentermprovidesmallmofmhismownm
handmtools.mThemcontractormandmthemcarpentermagreemthatmallmofmthemhomesmaremtombemc
ompletedmwithinm60m8-
hourmworkingmdays,mwithoutmovertime.mThemcontractormprovidesmthemcarpentermwithmamsc
hedulemofmthemorderminmwhichmhomesmaremtombemworkedmon.mThemcontractormprovidesmam
helpermtomassistmthemcarpenter.mThemcontractormsetsmthemworkmschedulemeachmday.mThemc
arpentermspendsm600mhoursmtomcompletemthismproject,mincludingm120mhoursmofmovertime.
m-


mCORRECTmANSWERmThemcarpentermismanmemployeemandmismowedm$10,560mformthemproje


ct



8. Whatmismthemnamemofmthemprocessmwhenmamfacilitatormmeetsmwithmthemmajormparticipants
minmamproject,mpriormtomthemcommencementmofmthemproject,mtomidentifymthemsharedmgoalsm


ofmallmparticipants?m-mCORRECTmANSWERmPartnering



9. Whatmismthemaveragemcollectionmperiodmratiomformamfirmmthatmhasm$365,000minmannualmrev
enues,m$6,600minmcurrentmreceivables,mandmnetmincomemofm$32,000?m-
mCORRECTmANSWERm6.6