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Should calculate dd-a using

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Reference no: EM132576003

Question 1: The asset impairment rules under ASC 932-360-35-11 should be applied to the oil and gas assets of:

a)the successful companies only.

b)the full cost companies only.

c)both the successful and the full cost companies.

d)either the successful or the full cost companies.

Question 2: Camel Syntech Co. agreed to pay Econergy Co. a bottom-hole contribution $33,000 if Econergy Co. drilled a test-well with a minimum depth of 6,000 feet. Due to uncertain geological issues, the well was abandoned after drilling to 5,000 feet.

a)Camel Syntech Co. should pay Econergy Co. $33,000.

b)Econergy Co. should pay Camel Syntech Co. $33,000.

c)Camel Syntech Co. should pay Econergy Co. $16,500.

d)Camel Syntech Co. is not required to pay Econergy Co.

Question 3: Delco Oil Co. expects that the relative proportion of oil to gas extracted in the current period remain the same. Delco Oil Co. should calculate DD&A using:

a)oil only.

b)gas only.

c)either oil or gas.

d)the dominant mineral method.

Question 4: Which of the following statements is TRUE?

a)The quantity of Petroleum initially in place does not change.

b)The amount of total reserves remains unchanged.

c)The price of oil or gas does not fluctuate.

d)Reserve estimates are not subject to revision.

Reference no: EM132576003

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