VA CONTRACTORS: VA ADVANCED (CLASS A) QUESTIONS WITH CORRECT ANSWERS

VA CONTRACTORS: VA ADVANCED (CLASS A) QUESTIONS WITH CORRECT ANSWERS
Question : 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...
Correct answer: More than $50,000
Question : 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 workin-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...
Correct answer: Between $12,000 and $16,000
Question : 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.
Correct answer: Less than $12,000
Question : 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?
Correct answer: Loss of $1,000
Question : 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.

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