.
Joint Venture (JV)
Production sharing contracts
Oil Mining Lease
Service contracts
On or before the 10th day of the following month
Within 21 days of the following month
Before the end of the following month
None of the above
IAS 6 on ‘Evaluation for and Exploration of Mineral resources’.
IFRS 6 on ‘Evaluation for and Exploration of Mineral resources’.
SAS 14 on Accounting in the petroleum industry: Upstream activities
None of the above
Nigerian National Petroleum Corporation (NNPC)
Department of Petroleum Resources (DPR)
Federal Ministry of Environment (FMEnv)
Petroleum Products Pricing Regulatory Agency (PPPRA)
True
False
It depends
None of the above
Oil Exploration License
Oil Prospecting License
Oil Mining Lease
None of the above
Award of OML & OPLs.
Regulation & Monitoring and control of activities in the upstream and downstream sectors
Approval of field development plans.
Manages NNPC investments in JVs and PSCs
Fixed asset
Asset under construction
Accumulated depreciation
Depreciation expense
Valuation
Existence
Completeness
Precision
Validity
Completeness
Presentation and Disclosure
Restricted Access
Assign responsibility for assets
Automated system for calculating depreciation
Use pre numbered acquisition forms
True
False
Liabilities
Expenses
Equities
Chart of accounts
Trial balance is a snapshot of the balances on all the ledger accounts at a particular date
Trial Balance is a proof of the arithmetical accuracy of postings
It is the basis of preparing the profit & loss and balance sheet
When the trial balance balances, the accounts must be correct
Incorrect footing in any account
Entering an item on only one side of the books
Entering one figure on the debit side of the books and a different figure on the credit
Errors of omission
An error where an item is entered in the wrong class of account e.g. capital v/s revenue
An error where the original entry is incorrect although double entry is still used
An error where multiple unrelated errors cancel each other out
An error where the correct amount is entered but in the wrong person’s accounts
Statement of financial position
Statement of comprehensive income
Statement of cash flows
Value added statement
Assets used in normal operating cycle
Assets held primarily for trading purposes
Assets expected to be realised within 12 months
Property, plant and equipment are examples of current assets
Employee expenses
Sales & marketing department
Depreciation expense
Impairment expense
Value added statement
Cash flow statement
Statement of comprehensive income
Statement of financial position
Zero tax rate
Recognition of asset which affects taxable profit
Goodwill with no deductible tax amortization
Deductible temporary differences at current year end
Deductible temporary differences over years
Taxable temporary differences at current year end
Deductible temporary differences at current year end
Deductible temporary differences over years
Taxable temporary differences at current year end
Newspaper subscription
Prepaid rent
Prepaid insurance
Straight line depreciation of asset