Reserve Recognition Accounting

question 121

Multiple Choice

Reserve recognition accounting

• A) is presently the generally accepted accounting method for financial reporting of oil and gas reserves.
• B) is a historical cost method similar to the full cost approach and the successful efforts approach.
• C) is used for reporting of oil and gas reserves for federal income tax purposes.
• D) requires estimates of future production costs, the appropriate discount rate, and the expected selling price of oil and gas reserves.

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