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Know More Accounting Measurement
1. Accounting involve the measurement and communication of Economic Activities
2. Accounting measures Business transaction and other events that effect the financial position of the enterprise.
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Approaches of Oil And Gas Accounting Service
Two Principal of oil and Gas Accounting1. Full Cost method: Full cost (FC) approaches method allows all operating expenses relating to locating new oil and gas reserves - regardless of the outcome - to be capitalized. Exploration costs capitalized under either method are recorded on the balance sheet as part of long-term assets.
2. Successful Effort Method: The successful efforts (SE) method allows a company to capitalize only those expenses associated with successfully locating new oil and natural gas reserves. http://abspcpa.com
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S-1Transactio
n
S-2Journal
S-3Ledger
S-4Trial Balance
S-5Income
Statement
S-6Close balance
Sheet
S-7Balance Sheet
S-8Opening Balance Sheet
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