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when reviewing the financial statements of oil and gas companies why is it important 642866

1. For regulated utilities, are current liabilities usually presented first in utility reporting? Comment.

2. For regulated utilities, why review the account Construction Work in Progress?

3. For regulated utilities, describe the income statement accounts, allowance for equity funds used during construction, and allowance for borrowed funds used during construction.

3. Differentiate between successful efforts and fullcosting accounting as applied to the oil and gas industry.

4. Some industries described in this chapter are controlled by federal regulatory agencies. How does this affect their accounting systems?

5. When reviewing the financial statements of oil and gas companies, why is it important to note the method of costing (expensing) exploration and production costs?

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