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- English (Publication Language)
- 450 Pages - 12/26/1986 (Publication Date) - PennWell Books (Publisher)
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FAQ:
Q: What are the fundamental principles of accounting?
A: – Accounting principles should be based on realistic assumptions. – Accounting principles must be simple, understandable and explanatory. – Accounting principles should be followed consistently – Accounting principles should be able to reflect future predictions – Accounting principles should be informative for the users.
Q: What are the fundamentals of financial accounting?
A: Financial accounting basics includes the fundamentals of accounting like identifying business activities, recording transactions, and understanding debits, credits, accounts, and the double entry accounting system as a whole.
Q: What is petroleum accounting?
A: This book describes petroleum activities and the numerous accounting principles, practices, and procedures employed in petroleum financial reporting. Petroleum Accounting was written to serve as a college textbook and as a reference source for petroleum accountants, financial auditors, and other interested parties.
Q: What is oil and gas royalty?
A: Oil and gas royalties are also the cash value paid by a lessee to a lessor or to one who has acquired possession of royalty rights, based on a percentage of gross production from the property, free and clear of all costs. The following is an example of a case law defining oil and gas royalty: