Sep 27, 2022  
2022-2023 Catalog 
    
2022-2023 Catalog
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ACC 215 - Fundamentals of Oil & Gas Accounting


Credits: 3
3 Lecture Hours

Prerequisites: ACC 104  

 
Description
This course is an introduction to the fundamental accounting concepts, procedures and terminology related to the various phases of oil and gas operations. Topics include accounting for exploration, acquisition and development costs, calculating depreciation, depletion and amortization, recording revenue from production activities and learning basic tax accounting for the oil and gas industry.


Learning Outcomes
Upon successful completion of the course, the student will:

  1. Define terminology related to the oil and gas industry.
  2. Demonstrate accounting for exploration, acquisition and development costs.
  3. Calculate depreciation, depletion and amortization.
  4. Evaluate revenues from production activities.
  5. Explain basic tax laws applicable to oil and gas accounting.
Listed Topics
  1. Oil and gas operations
  2. Exploration costs
  3. Acquisition costs
  4. Drilling and development costs
  5. Depreciation, depletion, and amortization calculations
  6. Asset retirement obligations
  7. Revenues from production activities
  8. Tax laws applicable to the oil and gas industry
     
Reference Materials
Instructor-approved textbook and materials.
Approved By: Bullock, Quintin Date Approved: 03/03/2015


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