Question 1

Most large oil and gas companies use which of the following methods to account for exploration and evaluation costs?

Accepted Answer

A)  The area of interest method. 
B)  The successful efforts method. 
C)  The appropriation method. 
D)  The full cost method. 
A)  The area of interest method. 
B)  The successful efforts method. 
C)  The appropriation method. 
D)  The full cost method.

Question 2

E&E assets are required to be tested for impairment:

Accepted Answer

A)  when there is an indication that the assets may be impaired. 
B)  at least annually. 
C)  only where commercially feasible reserves are not found through the E&E activities. 
D)  prior to reclassification at the end of E&E activities. 
A)  when there is an indication that the assets may be impaired. 
B)  at least annually. 
C)  only where commercially feasible reserves are not found through the E&E activities. 
D)  prior to reclassification at the end of E&E activities.

Question 3

AASB 6/IFRS 6 requires disclosure of which of the following?

Accepted Answer

A)  Accounting policies relating to pre-exploration costs. 
B)  Financing cash flows relating to E&E activities. 
C)  Impairment write-downs made on E&E assets. 
D)  Accounting policies relating to E&E assets. 
A)  Accounting policies relating to pre-exploration costs. 
B)  Financing cash flows relating to E&E activities. 
C)  Impairment write-downs made on E&E assets. 
D)  Accounting policies relating to E&E assets.

Question 4

AASB 6 Exploration for and Evaluation of Mineral Resources was issued by the AASB in:

Accepted Answer

A)  2000. 
B)  2004. 
C)  2006. 
D)  2007. 
A)  2000. 
B)  2004. 
C)  2006. 
D)  2007.

Most large oil and gas companies use which of the following methods to account for exploration and evaluation costs?

E&E assets are required to be tested for impairment:

AASB 6/IFRS 6 requires disclosure of which of the following?

AASB 6 Exploration for and Evaluation of Mineral Resources was issued by the AASB in:

Accounting Regulation and the Conceptual Framework

Application of Accounting Theory

Fair Value Measurement

Inventories

Property, Plant and Equipment

Intangible Assets

Impairment of Assets

Provisions, Contingent Liabilities and Contingent Assets

Employee Benefits

Leases

Financial Instruments

Income Taxes

Share Capital and Reserves

Share-Based Payment

Revenue

Presentation of Financial Statements

Statement of Cash Flows

Accounting Policies and Other Disclosures

Earnings Per Share

Operating Segments

Related Party Disclosures

Sustainability and Corporate Social Responsibility Reporting

Foreign Currency Transactions and Forward Exchange Contracts

Translation of Foreign Currency Financial Statements

Business Combinations

Consolidation: Controlled Entities

Consolidation: Wholly Owned Entities

Consolidation: Intragroup Transactions

Consolidation: Non-Controlling Interest

Consolidation: Other Issues

Associates and Joint Ventures

Joint Arrangements

Insolvency and Liquidation

Agriculture

Filters

Exam 34: Accounting for Mineral Resources

Most large oil and gas companies use which of the following methods to account for exploration and evaluation costs?

E&E assets are required to be tested for impairment:

AASB 6/IFRS 6 requires disclosure of which of the following?

AASB 6 Exploration for and Evaluation of Mineral Resources was issued by the AASB in:

Accounting Regulation and the Conceptual Framework

Application of Accounting Theory

Fair Value Measurement

Inventories

Property, Plant and Equipment

Intangible Assets

Impairment of Assets

Provisions, Contingent Liabilities and Contingent Assets

Employee Benefits

Leases

Financial Instruments

Income Taxes

Share Capital and Reserves

Share-Based Payment

Revenue

Presentation of Financial Statements

Statement of Cash Flows

Accounting Policies and Other Disclosures

Earnings Per Share

Operating Segments

Related Party Disclosures

Sustainability and Corporate Social Responsibility Reporting

Foreign Currency Transactions and Forward Exchange Contracts

Translation of Foreign Currency Financial Statements

Business Combinations

Consolidation: Controlled Entities

Consolidation: Wholly Owned Entities

Consolidation: Intragroup Transactions

Consolidation: Non-Controlling Interest

Consolidation: Other Issues

Associates and Joint Ventures

Joint Arrangements

Insolvency and Liquidation

Agriculture

Filters