A. The answer comes from scott33000 from the Virago Tech forum.

First lets deal with that fuel question you have. The word Fuel does not go out or move at all but instead is there for those quick glances you take to see what fuel level your at. Directly below the word FUEL are 4 diagonal bars that stand for each quarter tank which from right to left will disappear as you use gas. However, don't be fooled by the last quarter mark. From experience, I've learned that the last mark is your reserve level. It's best to just reset your mileage gauge at every fill-up and start looking for a station at the 90 mile point.

The reason you need turn off the warning light when you first turn on your bike is because the battery sensor isn't hooked up and although the warning light goes out when you push the button twice. The word BATT should stay on.
What each symbol means in the order of the check sequence that occurs when first turning on the bike are as follows:
STND - this display warns that the side kick-stand is down and will go out
when it is retracted.
BRK - this indicates that the brake fluid in the front brake reservoir next to the throttle is low and will go out when it is topped off again.
OIL - this display comes on when your engine oil is low and will go out when brought back up to normal. (this is not an idiot light; it comes on before you damage the engine unlike the idiot lights that come on when it's to late. So immediately pull over and add oil. I carry a quart in my saddlebags since I can't even see the supposed oil level window on the engine.) (Note: the oil level indicator on the Virago engines can sometimes come on in turns or when going up and down hills. It is NOT a pressure gauge, and will give a false indication about needing oil under those conditions. Always check the level before adding more, no matter what! ~bykrmom)
BATT - already explained above indicates electrolyte level of battery. No-one ever connects this indicator since most batteries don't have the place to plug it in.
HEAD - This LCD will come on when your headlight bulb has blown either high or low beam.
TAIL - is for when the brake/tail light is blown.
FUEL - which is already explained above as well.
The cycom unit is good because as I said it warns you of problems before the damage is done. If you turn off the warning light when it flashes because of low fuel or oil. It will come back on again as it gets more critical and eventually will shut you down before you completely ruin your engine. One thing you should do is place a piece of rubber (I used some insulation strip that goes around a window air conditioning unit.) between the bottom of the cycom unit and your handle bars to absorb the vibration of the bike which can damage the unit.