05/08/2025, 08:41 VA Contractors: VA Advanced (Class A) ACTUAL EXAM (2025) QUESTIONS AND (elaborated) WITH COMPLETE SOLUTIONS F…
VA Contractors: VA Advanced (Class A) ACTUAL
EXAM (2025) QUESTIONS AND (elaborated)
WITH COMPLETE SOLUTIONS
Save
Terms in this set (24)
A lump sum contract on a More than $50,000
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...
https://quizlet.com/1063974574/va-contractors-va-advanced-class-a-actual-exam-2025-questions-and-elaborated-with-complete-solutions-flash-cards… 1/12
, 05/08/2025, 08:41 VA Contractors: VA Advanced (Class A) ACTUAL EXAM (2025) QUESTIONS AND (elaborated) WITH COMPLETE SOLUTIONS F…
What is the total value of Between $12,000 and $16,000
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...
What is the total project Less than $12,000
overhead for a project
that 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.
https://quizlet.com/1063974574/va-contractors-va-advanced-class-a-actual-exam-2025-questions-and-elaborated-with-complete-solutions-flash-cards… 2/12
VA Contractors: VA Advanced (Class A) ACTUAL
EXAM (2025) QUESTIONS AND (elaborated)
WITH COMPLETE SOLUTIONS
Save
Terms in this set (24)
A lump sum contract on a More than $50,000
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...
https://quizlet.com/1063974574/va-contractors-va-advanced-class-a-actual-exam-2025-questions-and-elaborated-with-complete-solutions-flash-cards… 1/12
, 05/08/2025, 08:41 VA Contractors: VA Advanced (Class A) ACTUAL EXAM (2025) QUESTIONS AND (elaborated) WITH COMPLETE SOLUTIONS F…
What is the total value of Between $12,000 and $16,000
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...
What is the total project Less than $12,000
overhead for a project
that 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.
https://quizlet.com/1063974574/va-contractors-va-advanced-class-a-actual-exam-2025-questions-and-elaborated-with-complete-solutions-flash-cards… 2/12
