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Question 11 Cost of the oil inventory would include: Not yet answered Select one: Marked out of 1.00 a. Pre-exploration and Production cost only Flag b. Production cost, depletion expense, and selling and administrative cost question c. Production cost, depletion cost of the year and exploration cost d. None of the answers 'e. Production cost and depletion cost of the yearQuestion 12 A and B partners in AB partnership with capital balances of KD 80,000 and KD 100,000, respectively. The Not yet income distribution ratio between A and B is 2:3. C agreed to pay KD 20,000 to each of A and B for 20% of answered their interest in the partnership. The capital of partner A after admission of C is: Marked out of 100 Select one: F Flag question a. KD 60,000 b. KD 64,000 C. KD 80,000 d. Another amountQuestion 13 A, B and C are partners in ABC partnership with capital balances of KD 80,000, KD 60,000, and KD 40,000 Not yet respectively. The income distribution ratio between A, B and C is 5:3:2. Partner C withdraws from the answered partnership and receives a cash payment of KD 30,000 from partner B. The capital of partner B after Marked out of withdrawal of C is: 100 Flog Select one: question a. KD 50,000 O b. KD 80,000 c. Another amount O d. KD 100,000Question 14 A, B and C are partners in ABC partnership with capital balances of KD 120,000, KD 80,000, and KD 50,000 Not yet respectively. The income distribution ratio between A, B and C is 5:3:2. Partner C withdraws from the answered partnership and receives a cash payment of KD 55,000 from the partnership. The capital of partner A after Marked out of withdrawal of C is: 100 Flag Select one: question a. KD 116,875 b, KD 76,250 C. KD 113,750 d. Another amountQuestion 15 ABC Company obtained an exploration license to search for oil in a certain area with a $10,000,000 cost. The Not yet cost to lease the land was $3,000,000 and estimated restoration cost was $1,000,000, In addition, the answered company paid the following exploration costs on two holes, A and B. Marked out of 100 Cost Item Cost P Flag Drilling $15,000,000 question Trenching 10,000,000 Sampling 5,000,000 If the company found oil only on hole A, which represents 60% of the exploration cost, total cost that must be expensed under successful effort method is: Select one: a. $12,000,000 b. $15,000,000 c. Another amount d. $18,000,000 e. $6,000,000Question 16 ABC Company obtained an exploration license to search for oil in a certain area with a $6,000,000 cost, The Not yet cost to lease the land was $3,000,000 and estimated restoration cost was $1,000,000. In addition, the answered company paid the following exploration costs on two holes, A and B. Marked out of 1:00 Cost Item Cost Flag Drilling $20,000,000 question Trenching 12,000,000 Sampling 8,000,000 If the company found oil only on hole A, which represents 80% of the exploration cost, total cost that must be capitalized under full cost method is: Select one: a. $46,000,000 C b. Another amount C C. $42,000,000 d, $54,000,000 Ce, $50,000,000Question 17 The central issue of corporate governance is Not yet answered Select one: Marked out of 1.00 a. to alleviate the conflicts of interest between management and shareholders. Flag b. to alleviate the conflicts of interest between shareholders and bondholders. question c. to protect creditors from management d. to protect shareholders from management and board of directors.Question 18 A partnership is an association of one or more persons to carry on as co-owners of a business for profit. Not yet answered Select one: Marked out of 100 a. False Flag b. True questionQuestion 19 Assuming that the discovery of oil and gas is successful, the costs of drilling under the full costs method will Not yet be answered Marked out of Select one: LOO a. Expensed in the income statement Flag question b. Neither capitalized nor expensed c. Capitalized in the statement of financial position O d. Part is capitalized in the balance sheet and part is expensed in the profit and loss accountQuestion 21 Which one of the following statements in terms of partnership is incorrect? Not yet answered Select one: Marked out of 100 a. Net income of partnership is not taxed as separate entity. F Flag b. None of the answers question c. Dissolution of partnership occurs when a new partner is admitted. d. Salaries of partners are distributions of income.question 22 Which of the following is true about an income statement? Not yet answered Select one: Marked out of 100 a, An income statement reflects a firm future performance. F Flag b. An income statement reflects a past financial position question c. Firms voluntarily disclose an income statement d. None of the answersQuestion 23 The type of ownership structure that reflects percentage of shares owned by banks and insurance firms in Not yet a company is answered Marked out of Select one: 100 a. Individual shareholders ownership Flog question b. Governmental ownership c. Institutional ownership d. Foreign ownershipQuestion 24 The drilling activities for oil and gas are considered Not yet answered Select one: Marked out of 1.00 O a. None of the answers Flag b. upstream activities question c. downstream activities d. midstream activities