COPAS
This acronym stands for the organization that develops accounting standards for the petroleum industry.
What does COPAS stand for?
This dessert is often served during Christmas, especially in the UK, and is made from dried fruits, suet, and spices.
What is Christmas pudding?
No Creatures were stirring on the night before Christmas, not even one of these
What is a mouse?
A percentage of the revenues received from the production of oil and gas, paid to landowners or those holding mineral rights.
What is Royalties?
This organization, founded in 1952, represents petroleum accountants and other professionals in Kansas, providing networking and educational opportunities.
What is the Petroleum Accountants Society of Kansas (PASOK)?
This industry is the primary focus of COPAS, where the organization sets accounting standards.
What is the oil and gas industry?
This warm, spiced drink, often served with whipped cream, is a staple during the holiday season.
What is eggnog?
This mythical winter sprite is nipping at your nose in "The Christmas Song"
Who is Jack Frost?
These are costs incurred by an oil and gas company to explore for and evaluate the potential of oil and gas reserves.
What are Exploration Costs?
58
What is chapter membership count?
1960
When was COPAS founded?
This fruit is commonly associated with Christmas, often found in holiday wreaths and decorations.
What is the pomegranate?
This red monster was the hit of the holidays as the best-selling Christmas toy of 1996.
What is Elmo?
This term refers to the estimated future costs of plugging and abandoning wells after production ceases.
What is Asset Retirement Obligation (ARO)?
Tuesdays
What day is the typical member meeting held?
This document published by COPAS outlines guidelines for cost recovery in the petroleum industry.
What are the COPAS Accounting Procedures (AP)?
In the U.S., it’s common to leave out cookies and this drink for Santa Claus on Christmas Eve.
What is milk?
It takes this many years for a pine tree to grow to an acceptable Christmas tree height.
What is 15?
This cost category includes the expenses for drilling and completing wells, excluding exploration costs.
What are Development Costs?
Meghann Finley
Who is the Chapter President?
This COPAS document helps petroleum companies with the allocation of costs for joint ventures.
What is the COPAS Joint Venture Accounting Guidelines?
This Christmas treat, made with sugar, syrup, and nuts, is often shaped like a holiday figure and is popular in Germany.
What is marzipan?
What should you never give a reindeer?
What is coffee?
This financial metric helps assess the profitability of an oil and gas project by considering the revenue from reserves minus all costs incurred.
What is Net Present Value (NPV)?