VA CONTRACTORS: VA ADVANCED (CLASS A) EXAM QUESTIONS
AND ANSWERS GRADED A+ 2026
A lump sum contract on a 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...
ANS >> More than $50,000
What is the total value of 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... ANS >> Between $12,000 and
$16,000
, What is the total project 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. ANS >> Less than $12,000
For 1 month a company bills out $38,000 in completed work,
and receives $22,000 in payments plus $8,000 from the previous
month's billings. They pay their total bill of $26,000 to supply
houses for this month's purchases, and another $5,000 to
supply houses for last month's purchases. Using a cash
accounting method and NOT considering any other revenue or
expenses, what is the company's net income for the month? ANS
>> Loss of $1,000
The owner requests for change which will cost the contractor
$15,000 in Labor and materials and $2,250 in overhead costs.
With the change, the contractor would be relieved of $18,000 in
Labor and materials costs, and $2,400 in overhead costs from
the original contract. The original bid included profit of 20% of
all costs. The contractor wants to make a profit of 20% of all
costs on the changes. The adjusted contract price for the change
order should be... ANS >> A decrease of $3,780
AND ANSWERS GRADED A+ 2026
A lump sum contract on a 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...
ANS >> More than $50,000
What is the total value of 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... ANS >> Between $12,000 and
$16,000
, What is the total project 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. ANS >> Less than $12,000
For 1 month a company bills out $38,000 in completed work,
and receives $22,000 in payments plus $8,000 from the previous
month's billings. They pay their total bill of $26,000 to supply
houses for this month's purchases, and another $5,000 to
supply houses for last month's purchases. Using a cash
accounting method and NOT considering any other revenue or
expenses, what is the company's net income for the month? ANS
>> Loss of $1,000
The owner requests for change which will cost the contractor
$15,000 in Labor and materials and $2,250 in overhead costs.
With the change, the contractor would be relieved of $18,000 in
Labor and materials costs, and $2,400 in overhead costs from
the original contract. The original bid included profit of 20% of
all costs. The contractor wants to make a profit of 20% of all
costs on the changes. The adjusted contract price for the change
order should be... ANS >> A decrease of $3,780
