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In oil and gas accounting disclosure development cost, under successful method of accounting, when oil and gas is discovered, the cost is ………
The focal point in accounting for production sharing contracts is
The cash paid to oil well lessor is called ………….
Contractual rights and obligations drive for the categorization of a joint arrangement as …………
Which of the following is not a purpose for drilling service wells?
Another name for secondary process in refining operations is called ………..
An economic interest or ownership of minerals-in-place, giving the owner from the sale of the minerals is called ………………
New wells drilled or undrilled acreage that satisfies offsetting productive units is called ………….
Which of these is true about unproved property under successful effort method of accounting in oil and gas?
In oil and gas accounting, prospecting cost is usually capitalized under …
Which of the following is not a feature of oil and gas industry?
The impairment value of an unproved property which costs N25,600,000 and later assessed to worth N31,200,000 is ……………….
Environmental Accounting can also be referred to as …………….
…………….. is the process of converting water, materials or useless products into new materials or products of lesser quality.
The unit-of-production method of depleting capitalized acquisition costs of proved properties may be computed on either of the following basis, except …………………..
According to the Petroleum Profit Tax Act 1958, any liquid hydrocarbon obtained from natural gas by separation through any chemical or physical process before the same has become refined, is called ……………….
……………… defines how specific revenues, cost, and liabilities will be distributed according to the ownership interests specified in the memorandum of understanding.
Which IFRS specifies that an entity to classify exploration and evaluation assets as tangible or intangible according to the nature of the assets acquired and apply the classification consistently?
The United Nations member nations have agreed at the summit in DOHA-Qatar, was aimed at curbing …………. percent gas emission globally by the year 2020.
In full cost method of accounting, dismantlement cost is treated as ………..
_________ is the difference between the cost of unproved properties and the re-assessed value of the property.
The process of searching for Oil in a potential oil field is called ______
The test to ascertain whether the total prospecting exploration, appraisal and development cost capitalized can be recovered from the proved reserves is called
In petroleum operations, discovering oil is technically referred to as ______
The disorganization or distortion of the environmental purity resulting from natural, human and economic activities is _______
The density of given petroleum fluid is called _______
Cost of consumables for oil and gas lifting is a type of _______ cost.
______ is the difference between the cost of unproved properties and the re-assessed value of the property.
Transferring disposable batteries to lower power device is an example of ____
New wells drilled that satisfies offsetting productive units is called ______
A directional drilling technique often adopted when equipment is stocked in the hole and cannot be recovered through fishing is called ______
Felicity Oil Company bought lease for N200,000 from Ola Oil Ltd. The lease book value of N130,000 cash realized from the property is N80,000 and the lease is individually impaired. What is the profit or loss to be recognized by Ola Ltd.? ______
An offshore Company operating at a depth of about 200mm deep waters in the oil and gas industry is entitled to ______
A small house on the rig floor used for keeping records, storage etc. is called____
Carried party arrangement between carrying party and concession holder is referred to as
In oil and gas industry, oil prospecting license is granted for at least ……… years
The Kyoto protocol agreement was to reduce gas emission by ……………..
Externality in oil and gas may also be referred to as …………
Payments made by petroleum companies to royalty owners as compensation for loss of income during the period when the company has not fulfilled its obligation to drill is referred to as ……………………
The conversion ratio of oil to gas is …………………..
An oil company, Danbaba Oil Company Plc. which maintains a full cost system of accounting, required a calculation of its ceiling test as at 31/12/2019, and the following information to assist in its calculation had been provided as follows:
N N
Present Value of future gross revenues 127,500,000
Present Value of future related costs 67,500,000
Capitalized cost of proved properties:
Acquisition costs 3,000,000
Well-in-progress 19,500,000
Well and equipment 22,500,000
Exploratory dry holes 30,000,000 75,000,000
Unproved properties not being amortized:
Acquisition costs 1,200,000
Test-well contributions 300,000
G & G costs 1,500,000
Well-in-progress 9,000,000 12,000,000
Unproved properties being amortized:
Acquisition costs 750,000
Well-in-progress 2,250,000 3,000,000
Accumulated DD & A 7,500,000
Deferred income taxes 1,500,000
Income tax effects 1,500,000
Market Value of unproved property being amortized 3,450,000
You are required to prepare journal entry, if necessary, for the write-off of capitalized costs.
This response will be awarded full points automatically, but it can be reviewed and adjusted after submission.
[a] In offshore drilling operations, what are the activities incident to completing a well and placing it on production?
[b] An Oil Company incurred N600,000 in drilling costs up to target-depth. The estimated costs to complete the well (installing casing, Christmas tree, etc.) are N400,000. The company’s estimated discounted future net cash flow from the sale of oil and gas from this well is expected to be N700,000.
Required: Should the well be completed or abandoned?
This response will be awarded full points automatically, but it can be reviewed and adjusted after submission.
[a] Environmental management encompasses the allocation problem posed by the use of environmental resources, such as petroleum resources, solid minerals, marine and other forest resources. Environmental accounting is therefore developed to give solution to the problems as required by different stakeholders.
Required: What are the basic objectives of environmental accounting to these stakeholders?
[b] Outline and discuss at least five (5) major challenges facing environmental accounting and reporting in the world today.
This response will be awarded full points automatically, but it can be reviewed and adjusted after submission.
Environmental degradation is the deterioration in environment quality from ambient concentrations of pollutants and other activities and processes such as improper land use and natural disasters. The extraction of natural resources and the production of waste and other pollutants have severely degraded many of the planet’s ecosystems.
Required:
(a) Briefly describe Polluter Pays Principle (PPP)
(b) Highlight four (4) types of environmental degradation resulting from oil and gas exploration and production process.
This response will be awarded full points automatically, but it can be reviewed and adjusted after submission.