All Matches

Solution Library

Expert Answer

Textbooks

Search Textbook questions, tutors and Books

Oops, something went wrong!

Change your search query and then try again

Result Not Found

Books FREE
Tutors
Study Help
Ask a Question
AI Study Help New

Search
Sign In
Register

study help
business
fundamental accounting

Questions and Answers of Fundamental Accounting

Which of the following would not be a mineral interest?a. Production payment interestb. Working interestc. Overriding royalty interestd. Surface rights intereste. Net profits interestf. Royalty
Answer the following questions related to horizontal drilling:a. What are the conditions under which horizontal drilling operations would be considered?b. Would horizontal drilling operations be more
Discuss the following:well spacing drilling unit drilling permit
Discuss the factors that generally must be present for a petroleum reservoir to be economically or commercially productive.
Explain the following terms:fracturing acidizing tripping in/out well casing
Describe the primary types of geological and geophysical studies.
Explain the role of a landman in oil and gas operations.
What is the difference between oil shale and shale oil?
Define:vertical well directional well horizontal well
Define:deepwater drilling ultra deepwater drilling
On January 1, 2018, Ark Oil Company signed a lease contract for a lease in Texas. A four-year primary term was specified in the lease contract.a. On what date is the first delay rental payment due?b.
Upon signing a lease agreement, Miss Olivia received a one-time payment of $3,000. One year later because the oil company had not yet drilled a well, Miss Olivia received a payment of $200. During
Cowboy Company drilled a well to targeted depth, incurring costs of $700,000.Completion costs are estimated to be $200,000. The sale of oil from the well is estimated to generate net cash flows of
Miss Hawkins owns the mineral rights only in a property in Garvin County, Texas. She leases the property to Garth Petroleum, reserving a 1/5 royalty. Garth Petroleum drills a successful well and
Ethan Oil Corporation owns 100% of the working interest in an oil and gas lease located in a remote area of Wyoming. The royalty on the lease is 1/8. Ethan Oil does not have the funds to develop the
Tyler Energy owns a 100% working interest in a tract of land in Texas. Lacking the funds to develop the property, Tyler Energy assigns Gravity Oil 30,000 barrels of oil to be paid out of 1/7 of its
Aggie Company obtained a lease on August 1, 2018. The lease contract specifies a three-year primary term.a. Drilling operations began on June 1, 2019, and continued until October 15, 2019, when the
A(n) _______________ is an interest created by a lease agreement whereby the owner is responsible for paying all of the cost of exploring, drilling, developing, and producing the property.a.
Which of the following is not a mineral interest?a. Production payment interestb. Working interestc. Overriding royalty interestd. Surface rights intereste. Net profits interestf. Joint working
Mr. Zeman owns the mineral rights in a property in Yale County, Oklahoma. He leases the property to Force Petroleum, reserving a 1/5 royalty. Force drills a successful well and begins producing oil.
A delineation well is typically classified as a(n)_____ well?a. Developmentb. Exploratoryc. Extensiond. Wildcate. None of these
A(n) ________ exists when multiple working interest owners share and share alike in any and all reserves as well as the minerals severed from the earth.a. Overriding royalty interestb. Carved out
What accounting treatment is given to the following costs under successful efforts?acquisition costsexploration costsdevelopment costsproduction costs
The successful efforts method of accounting for oil and gas operations is considered to follow generally accepted accounting principles as pronounced by the FASB. Explain.
Indicate whether the following costs should be expensed (E) or capitalized (C)depending on whether the company uses successful efforts or the full cost method of accounting. Acquisition costs G&G
Unger Petroleum Company incurred the following costs during 2018:REQUIRED: Prepare journal entries for the above transactions using the successful efforts method of accounting. March 9 February 3
Unger Petroleum Company incurred the following costs during 2018:REQUIRED: Prepare journal entries for the above transactions using the full cost method of accounting. February 3 Cost of G&G
Libby Petroleum incurred the following costs during 2019:Libby uses the full cost method of accounting.REQUIRED: Prepare the journal entries for the year-end December 31, 2019. January 23 G&G Costs..
The following costs for Davison Lease were all incurred during 2020.*Depreciation, depletion, and amortization REQUIRED: Prepare the 2020 income statements and unclassified partial balance sheets
The following costs were incurred by Force Petroleum Company during the fiscal year ending May 31, 2020.REQUIRED: Prepare journal entries for the above transactions, assuming that Force Petroleum
Revenue and costs for Gravity Petroleum for the year 2019 are presented below:REQUIRED: Prepare income statements and unclassified balance sheets for a successful efforts (SE) company and a full cost
Libby Petroleum, a successful efforts company, incurred the following costs during 2019:REQUIRED: Prepare the journal entries for the year-end December 31, 2019. January 23 February 1 April 2 April
What are the four broad types of accounting that must be done by E&P companies?
According to the FASB, who are the primary users of externally published financial statements?a. Investors and creditorsb. Tax authoritiesc. Internal company managersd. Working interest ownerse. None
In the United States, who has the authority to prescribe accounting practices and procedures for all public oil and gas companies and to prescribe the form and content of financial reports?a.
COPAS has no statutory authority. However, if a COPAS model accounting procedure is included in a contract, the participating companies are contractually bound to comply with the provisions of the
Which of the following type(s) of accounting uses the successful efforts method?a. Financialb. Taxc. Contractd. Manageriale. All of these
After the FASB endorsed the successful efforts method, it was also adopted by the IRS and forms the basis of current US income tax regulations.a. Trueb. False
How does reserve information affect financial accounting?
What is the Petroleum Resources Management System (PRMS)?
Are PRMS definitions the same as those adopted by the SEC?
Can PRMS definitions be used by companies traded on the US stock exchanges?
Why is it important for accountants to be familiar with PRMS definitions?
The SEC permits disclosure of which of the reserve categories?
Define deterministic and probabilistic estimation methodologies.
Reserves in place do not change as economic conditions and technology change.a. Trueb. False
Fill in the blanks:The amount of petroleum in place is subdivided between that quantity which, on any given date, is deemed to be commercial or economic (i.e., where the estimated selling price
What is the difference between contingent resources and prospective resources?
What prices and costs are used in applying the term “current economic conditions”?
What are the two subcategories of proved developed reserves?
What are the two subcategories of proved developed nonproducing reserves?
List the three reasons that proved developed reserves may be classified as shut-in.
Why might proved developed reserves be classified as behind-the-pipe reserves?
Distinguish between proved developed reserves and proved undeveloped reserves.
The SEC requires that, in order to be classified as proved undeveloped reserves, there must be a plan in place to develop those reserves within a specific period of time. That time period is:a. Three
If reserves do not meet the requirements to be classified as proved developed or proved undeveloped, they must be classified as:a. Unprovedb. Contingent reservesc. Contingent resourcesd. Possible
Unproved reserves can be subdivided into two categories. These categories are:a. Proved and probableb. Probable and possiblec. Behind-the-pipe and shut-ind. Probable developed and undevelopede. None
List some of the uses of reserve reports.
Brad Duersch owns the mineral rights in land in South Texas, which he leased to Twillo Oil Company. In that agreement, Duersch received a 25% royalty interest.Later, Twillo Oil Company entered into a
Discuss accounting for seismic costs. Be sure to include in your answer an explanation of the situations in which companies may opt to capitalize seismic costs and whether or not this practice is in
Define and give examples of support equipment and facilities. Would a particular piece of support equipment or a single facility be used to support only one lease or field, or could it be used to
Mabel Energy Company acquired a 200-acre lease. However, due to a decline in oil prices, Mabel decided not to drill on the lease during the first year and therefore made a delay rental payment of
Discuss why each party to a test-well contribution situation would enter into the transaction.
Define the following:shooting rightsG&G costscarrying costsdry-hole contributionbottom-hole contribution
Marx Oil Company acquired the exploration rights on 20,000 acres at $4/acre and then hired an independent geological firm to conduct the initial G&G work for $83,000. As a result of the G&G work,
Jerin Petroleum acquired a lease on March 1, 2019. Being short of funds, Jerin Petroleum did not begin drilling operations during the first year of the primary term and on March 1, 2020, made a delay
The following costs incurred by the exploration department of Matrix Energy Corporation during 2018.REQUIRED: Give the entries to record these transactions. Shooting rights.... Bottom-hole
Bartz Oil Company acquired the shooting rights on 25,000 acres at a cost of $1.00/acre on June 1, 2019. Bartz contracted and paid $98,000 for a reconnaissance survey during 2019. As a result of this
Optimistic Oil Company purchased seismic equipment on March 1, 2017, costing$120,000. The seismic equipment was used in G&G operations for the remainder of the calendar year (2017).REQUIRED: Compute
During 2018, Aggie Petroleum made the following transactions relating to testwell contributions:a. Contracted with Garth Energy Corporation, agreeing to pay $80,000 if a well was drilled on Garth’s
Clarence Oil Company conducted G&G activities on leases owned by Lamar Oil Company and Universal Oil Company. Each agreement provides for Clarence Oil Company to receive a 25% working interest in
Gravity Energy obtained a three-year lease on 2,000 acres on May 2, 2017 that contained a $4/acre delay rental clause. Drilling operations were started on June 15, 2019 and completed on October 16,
Steven Energy Company entered into the following test-well contribution agreements:a. On June 2, 2018, a bottom-hole contribution agreement was obtained requiring a payment of $80,000 when the
Williams Oil Company purchased seismic equipment costing $100,000 on January 1, 2018. The equipment was used in G&G operations for the calendar year 2018. The equipment has an estimated life of 10
During 2019, Chadax Oil Company obtained the following leases:After obtaining these leases, Chadax Oil Company incurred shooting rights on Leases A and C at $1.50/acre and incurred the following
Halax Oil and Gas Corporation agreed to conduct G&G studies and other exploration activities on a lease owned by Bart Energy Company in exchange for an interest in the property if proved reserves are
Which of the following are defined as exploration costs?a. Drilling and equipping exploratory wellsb. Drilling exploratory-type stratigraphic test wellsc. Dry-hole contributionsd. Bottom-hole
Costs paid on or before the anniversary date of the lease during the primary term in order to delay drilling operations for a year are referred to as ___________.a. Ad valorem costsb. Shooting
A ___________ is paid only if a well is dry.a. Bonusb. Dry-hole contributionc. Bottom-hole contributiond. Delay contributione. None of these
Explain the primary functions of finance.
Explain the primary functions of accounting.
What are the primary goals of financial management for not for- profit health care organizations?
What are the uses of profits for health care organizations?
Explain the relationship between financial risk and financial return.
Why doesn’t every person or organization invest all available funds into the stock market, which has the highest expected return?
What do accountants mean when they say “short-term” and “long-term”?
Explain how an organization’s liquidity and solvency are related.
What is the main benefit of electronic spreadsheets?
How do formulas for computations in Excel begin?
What convention does Excel follow when doing computations?
What Greek letter is the icon for summing a column or row of numbers?
Differentiate between relative and absolute formulas.
Open a new spreadsheet. Type “Practice” in Cell A1. In Cell A2, type the number “35;” in A3, type “42;” and, in A4, type “50.”a. Use the sum function to add them together in cell
Open a new spreadsheet. In Cell A1, type “Spending Categories.” In Cell A3, type “Salaries”; in cell A4, type “Fringe Benefits”; in Cell A5, type “OTPS”; in Cell A6, type
Care Clinic is preparing a worksheet for their staff. Their average starting salary is $60,000. Benefits are 25% this year. They expect benefits to go up to 27% next year. They are expecting to give
Chicago Clinic is preparing an annual labor cost budget for fiscal year (FY) 2021. The Clinic has 20 employees. In FY, 2020, the average base salary for each employee is $50,000. They expect benefits
Why is the US health care system considered complex?
How do health care organizations get paid? Do payers all pay the same rate for the same service?
What is a third-party payment system? How does this payment system affect the financial management of health care organizations?
What is a contractual allowance?

Showing 1900 - 2000 of 2453

First
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25

Services

Sitemap
Fun
Definitions
Become Tutor
Study Help Categories
Recent Questions
Expert Questions

Company Info

Security
Copyrights
Privacy Policy
Terms & Conditions
SolutionInn Fee
Scholarship

Get In Touch

About Us
Contact Us
Career
Jobs
FAQ
Campus Ambassador

Secure Payment

Download Our App

© 2024 SolutionInn. All Rights Reserved