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VA CONTRACTORS: GENERAL (CLASS A OR B) EXAM NEWEST 2026
ACTUAL EXAM WITH COMPLETE QUESTIONS AND CORRECT
DETAILED ANSWERS (100% VERIFIED ANSWERS) |ALREADY
GRADED A+| ||PROFESSOR VERIFIED||
Which method of accounting recognizes income and expenses
when it occurs and gives an accurate picture of the company's
overall finances?
Contract
Accrual
Cash
Percentage of completion - ANSWER-Accrual
Cost overruns can indicate a possible problem and be prevented
by ___.
Regular cost tracking
Daily site checks
Pre-paying for materials
Cutting labor hours - ANSWER-Regular cost tracking
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Inaccurate estimates occur due to ____ , which can make a
difference between gettting the right jobs and making a profit.
Lack of facts
Bid is prepared prior to site visit
Errors and omissions
No bid review - ANSWER-Errors and omissions
During the site visit, consideration should be given to ____ that
may impact the project.
Plans and specifications
Environmental factors
Material layout
Zoning - ANSWER-Environmental factors
What information do project documents ALWAYS provide?
Quantity takeoff
Estimate of the project costs
Construction or architectural drawings
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Basis for the bid - ANSWER-Construction or architectural
drawings
Changes made to a bid package before it is due are known as
___ and become part of bid documents and contract when
awarded.
Amendments
Change orders
Addendum
Modifications - ANSWER-Addendum
All local contractors should have similar material costs because
___.
Material pricing may vary depending on availability of raw
materials and demand.
Suppliers compare their pricing with the Producer Price Index
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Suppliers are required to offer the same prices to everyone
Suppliers must be competitive - ANSWER-Material pricing may
vary depending on availability of raw materials and demand.
What system is used as the basis for the contractor's cost
controls?
Inventory control
Budgeting
Monitoring unit costs
Job costing - ANSWER-Job costing
What is the term used for the method of allocating the cost of an
asset over its useful life?
Depreciation
Long-term liability
Cash flow
Budget - ANSWER-Depreciation
VA CONTRACTORS: GENERAL (CLASS A OR B) EXAM NEWEST 2026
ACTUAL EXAM WITH COMPLETE QUESTIONS AND CORRECT
DETAILED ANSWERS (100% VERIFIED ANSWERS) |ALREADY
GRADED A+| ||PROFESSOR VERIFIED||
Which method of accounting recognizes income and expenses
when it occurs and gives an accurate picture of the company's
overall finances?
Contract
Accrual
Cash
Percentage of completion - ANSWER-Accrual
Cost overruns can indicate a possible problem and be prevented
by ___.
Regular cost tracking
Daily site checks
Pre-paying for materials
Cutting labor hours - ANSWER-Regular cost tracking
,2|Page
Inaccurate estimates occur due to ____ , which can make a
difference between gettting the right jobs and making a profit.
Lack of facts
Bid is prepared prior to site visit
Errors and omissions
No bid review - ANSWER-Errors and omissions
During the site visit, consideration should be given to ____ that
may impact the project.
Plans and specifications
Environmental factors
Material layout
Zoning - ANSWER-Environmental factors
What information do project documents ALWAYS provide?
Quantity takeoff
Estimate of the project costs
Construction or architectural drawings
,3|Page
Basis for the bid - ANSWER-Construction or architectural
drawings
Changes made to a bid package before it is due are known as
___ and become part of bid documents and contract when
awarded.
Amendments
Change orders
Addendum
Modifications - ANSWER-Addendum
All local contractors should have similar material costs because
___.
Material pricing may vary depending on availability of raw
materials and demand.
Suppliers compare their pricing with the Producer Price Index
, 4|Page
Suppliers are required to offer the same prices to everyone
Suppliers must be competitive - ANSWER-Material pricing may
vary depending on availability of raw materials and demand.
What system is used as the basis for the contractor's cost
controls?
Inventory control
Budgeting
Monitoring unit costs
Job costing - ANSWER-Job costing
What is the term used for the method of allocating the cost of an
asset over its useful life?
Depreciation
Long-term liability
Cash flow
Budget - ANSWER-Depreciation
