By Charlotte Wright, Rebecca Gallun
An accounting textual content in particular for the oil and fuel undefined, up to date to a layout excellent for either educational and business settings. up to date beneficial properties comprise examples and homework difficulties, a brand new bankruptcy on financial plan research, and a brand new bankruptcy on pipeline accounting, between different alterations. DLC: Petroleum and trade--Accounting
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Extra info for Fundamentals of Oil and Gas Accounting
Define the following: fault trap anticline salt dome porosity permeability b. Define the following: day-rate contract footage-rate contract turnkey contract horizontal drilling c. Explain the following: petroleum reservoir primary recovery secondary recovery tertiary recovery 3. List the steps in finding oil and gas. 4. What is the difference between an operating (working) interest and a nonoperating (nonworking) interest? qxd 5/30/01 1:15 PM Page 27 Chapter 1 A Profile of Petroleum Operations 5.
As shown in the flow chart and in the example, acquisition, exploration, and development costs are capitalized under the full cost method, regardless of whether the costs result in a discovery of reserves. As in SE accounting, gross acquisition costs are placed in an unproved property account and are moved to a proved property account if proved reserves are found. If the property is abandoned or impaired, the costs continue to be capitalized but are transferred to an abandoned or impaired Fig. qxd 5/31/01 4:39 PM Page 55 Chapter 2 Introduction to Oil & Gas Accounting EXAMPLE Overview of Entries Under FC a.
Cash. . . . . . . . . . . . . 80,000 80,000 f. On June 3, Lucky Company incurs $40,000 in production costs (production cost). Entry Production expense . . . . . . . . . Cash. . . . . . . . . . . . . 40,000 40,000 expensed as incurred. A chart of accounts for a company using the successful-efforts method of accounting is presented on the following pages. Each successful-efforts company will have its own chart of accounts. The accounts shown in the following pages are illustrative of the accounts that a typical successful-efforts company might have.