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Successful-efforts method of accounting?
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.
What are the two types of expenses?
fixed expenses and variable expenses
How are variable expenses different from fixed expenses?
Variable expenses are those expenses which vary according to production level while fixed expenses are those expenses which have no effect of production level and remain same.
What is unrecoverable expenses?
Unrecoverable expenses are out of pocket expenses that you cannot obtain reimbursement on
Is preliminary expenses is a administrative expenses or selling expenses?
Preliminary expenses are neither administrative expenses nor selling expenses rather these are classified as other assets in balance sheet and amortized over period of life of business.
Are exploration expenses located on a balance sheet or income statement?
balance sheet
Why does the 'successful efforts' accounting method for exploration costs result in a reduced net profit?
because the Company expenses unsuccessful efforts instead of capitalising them. And expenses reduce gross profit, and hence net profit.
Successful-efforts method of accounting?
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.
What are the types of exploration?
•Arctic exploration•Cave exploration•Desert exploration•Mineral exploration•Ocean exploration•Space exploration•Urban exploration•Mountain explorationAre types of explorations
What are the different types of exploration?
•Arctic exploration•Cave exploration•Desert exploration•Mineral exploration•Ocean exploration•Space exploration•Urban exploration•Mountain explorationAre types of explorations
What are the two types of expenses?
fixed expenses and variable expenses
What was the Alabama Exploration?
The Alabama Exploration is exactly what it sounds like. The Alabama Exploration was an exploration of the state of Alabama.
What are non factory expenses?
general and administrative expenses marketing expenses
What is irregular expenses?
the expenses which will be not regular like penalty, miscellaneous expenses
What are the expenses of being a lawyer?
There are many expenses of being a lawyer. These can be monetary expenses as well as emotional expenses of the profession.
Petty cash account details?
when we use laundry and cleaning expenses,meals and entertainment expenses,office expenses,pantry items expenses,travelling expenses etc.. what are the expenses will come each cotogories
How are variable expenses different from fixed expenses?
Variable expenses are those expenses which vary according to production level while fixed expenses are those expenses which have no effect of production level and remain same.
