Answer Questions in a comprehensive and Detailed Manner.
Topic 12: Oil and Gas Producing Activities
Answer the following questions based on Topic 12.
(Your Answers should be comprehensive and detailed)
1. Accounting Series 257 – Requirements for financial accounting and reporting practices for Oil and Gas Producing Activities?
2. Methods of Accounting by Oil and Gas Producers?
3. Application of Full Cost Method of Accounting?
4. Financial Statements of Royalty Trusts?
5. Gross Revenue Method of Amortizing Capitalized Costs?
Reference Website:
https://www.sec.gov/interps/account/sabcodet12.htm#E