John Holmes Myers has written:

'Full cost vs. successful efforts in petroleum accounting' -- subject(s): Accounting, Petroleum industry and trade

what efforts have been made to overcome the limitations of financial accounting

because the Company expenses unsuccessful efforts instead of capitalising them. And expenses reduce gross profit, and hence net profit.

This is an accounting method used by the Oil and Gas industry. Specifically, it is a method in which the company capitalizes costs associated with exploration to successfully locate reserves and expenses costs associated exploration that does not result in the discovery of reserves.

Opposite to successful-efforts is Full Costing method in which all costs associated with exploration and development are capitalized whether any reserves are found our not.

John H. Myers has written:

'Statistical presentation' -- subject(s): Graphic methods, Statistics

'Full cost vs. successful efforts in petroleum accounting' -- subject(s): Accounting, Petroleum industry and trade