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CAPPA Level 1 - PartB > Module 1.12 O&G Accounting > Flashcards

Module 1.12 O&G Accounting Flashcards

1
Q

Objective 1 Key Terminology: The student will describe key accounting terminology such as assets, liabilities, receivables, payables, depreciation, depletion, owner’s equity, dividends, retained earnings, revenue, expenses, accruals and overheads.

A

Pg 5

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2
Q

Objective 2 Corporate and Operational: The student will describe the corporate and operational accounting activities.

A

Pg 10

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3
Q

Objective 3 Revenue Accounting: The student will describe the activities carried out in revenue accounting and the basic knowledge required to conduct the function.

A

Pg 11

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4
Q

Objective 4 Oil Revenue Accounting: The student will describe the activities carried out in oil revenue accounting and the basic knowledge required to conduct the function.

A

Pg 12

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5
Q

Objective 5 Gas Revenue Accounting: The student will describe the activities carried out in gas revenue accounting and the basic knowledge required to conduct the function.

A

Pg 15

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6
Q

Objective 6 NGL Revenue Accounting: The student will describe the activities carried out in NGL revenue accounting and the basic knowledge required to conduct the function.

A

Pg 17

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7
Q

Objective 7 Condensate Revenue Accounting: The student will describe the activities carried out in condensate revenue accounting and the basic knowledge required to conduct the function.

A

Pg 18

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8
Q

Objective 8 Sulphur Revenue Accounting: The student will describe the activities carried out in sulphur revenue accounting and the basic knowledge required to conduct the function.

A

Pg 19

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9
Q

Objective 9 Joint Venture Agreements: The student will be introduced to Joint Ventures.

A

Pg 20

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10
Q

Objective 10 Joint Venture Accounting: The student will detail the basic functions carried out by the joint venture accountant and the terminology used in the function.

A

Pg 22

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11
Q

Objective 11 Operating Expenses: The student will identify the types of costs that are categorized as operating expenses.

A

Pg 23

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12
Q

Objective 12 Capital Costs: The student will detail types of costs that are categorized as capital costs.

A

Pg 24

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13
Q

Objective 13 Equalization: The student will explain the concept of equalizations and how it is used to allocate operating and capital costs.

A

Pg 25

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14
Q

Objective 14 Well Payouts: The student will explain the concept of well payout and how this concept is applied.

A

Pg 26

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15
Q

Objective 15 Process Fees: The student will explain process fees and how they are applied.

A

Pg 30

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16
Q 
Question 1: Sales are
A - an asset account
B - a liability account
C - a revenue account
D - an expense account
A

C)

17
Q

Question 2: A chart of accounts is
A - a listing of the dollar value in each account
B - a listing of accounts used by a company
C - a statement of the financial status of the company
D - all of the above

A

B)

18
Q

Question 3: Operational accounting is primarily responsible for
A - the day-to-day activities of the company
B - annual shareholder reporting
C - required reporting to Revenue Canada
D - all of the above

A

A)

19
Q 
Question 4: In calculating the base value of production on oil freehold and overriding royalties, the deductions normally allowed are
A - capital cost allowance
B - processing fees
C - operating expenses
D - trucking costs
A

D)

20
Q 
Question 5: The standard volumetric measurement for natural gas in Canada is
A - barrels
B - cubic meters
C - thousands of cubic meters
D - gigajoules
A

C)

21
Q

Question 6: In calculating the volume base for gas freehold or overriding royalties
A - the contract typical typically requires that production volumes be used
B - the contract typically requires that processed volumes be used
C - the contract typically doesn’t address this issue
D - the contract typically requires that sales of gathered volumes be used

A

D)

22
Q

Question 7: Capital cost will generally be shared
A - on a throughput or well count basis
B - as determined by the operator
C - as determined by the joint venture accountant
D - based on the working interest shares

A

D)

23
Q 
Question 8: Well pay-out statement are required
A - if a company elect to participate
B - if a company elect to go penalty
C - for all wells
D - for all joint interest wells
A

B)

24
Q

What are the major categories for the standardized chart of accounts? A chart of accounts is a list of what major category?

A

Assets, liabilities, shareholders equity, income and expenses

25
Q 
Assets accounts are generally listed:
A - alphabetical order
B - in reducing order of liquidity
C - chronologically
D - by the book value
A

A)

26
Q

Liabilities accounts are generally listed
A - short debt first and long term debt last
B - in order of when the liability is/was acquired
C - the most liquid to the least liquid debt
D - the one with the highest interest rate

A

A)

27
Q

What is the double entry bookkeeping system?

A

Double entry bookkeeping means that for every debit there is a corresponding set of credits equal in value.

28
Q 
The financial statements of a company at the end of an accounting period is derived from
A - balance sheet
B - income statement
C - general ledger
D - chart of accounts
A

C)

29
Q 
What group of reports express the financial condition of the business
A - financial statements
B - balance sheet
C - income statement
D - general ledger
A

A)

30
Q 
What report summarize the operating activity of a business over a period of time?
A - revenue report
B - expenses report
C - income statement
D - cost of operation
A

C)

31
Q 
Which report shows the financial condition of the business over a period of time?
A - annual statement
B - balance sheet
C - income statement
D - none of the above
A

D)Remember the balance sheet is for a specific date in time not over a period of time

32
Q

What is the standard balance sheet equation?
A - asset - liabilities = retained earnings
B - assets - shareholder’s equity = liabilities
C - retained earnings + liabilities = assets
D - assets = liabilities + shareholder’s equity

A

D)

33
Q 
Activity period is also known as
A - exercise time
B - production period
C - revenue period
D - time of operation
A

B)

34
Q 
One metric ton of sulfur is equal to
A - a lot of bricks
B - a thousand kilos of feathers
C - a thousand metric cube of gas
D - a thousand metric cube of oil
A

B)

35
Q 
What is the principal use of a by-product of sour gas production?
A - sulfur 
B - gas by-product
C - fertilizer
D - chemicals enhancement
A

C)

36
Q 
What is another word for sharing in accounting?
A - equilibrium
B - equalization
C - pay back
D - unitization
A

B)

CAPPA Level 1 - PartB (6 decks)

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