Successful Effort methods and Full Cost methods comparison - Accounting work

Prairie View A&M University

College of Business

Oil and Gas Accounting (ACCT 4253): Fall 2016

Term Paper: 20 points

Firms Teams Anadarko Petroleum Adams, Michaela Ellis, Tatiana Jenkins, Jordan Samuel, Brittany Cheniere Energy Amaefule, Frankie Fields, Brittanie Johnson, Brandon Small, Devin Chevron Corporation Brown, Tori Guyton, Anthony Lasell, Kohl Taylor, Tamara Devon Bruno, Tia Haleem, Kafilat Lomax, Avery Toussant, Kelli ExxonMobil Charles, Derrick Hodgson, Carlen Martinez, Eric Williams, Marcus Shell Oil Company Coleman, Von Hollins, Canice Philpott, Charles Williams,

Recobie Statoil Eddington, Brian Hussein, Amal Rosier, Chelsey Wright, Quinn

The above are major U.S. oil and gas firms. You could access to their annual reports on the individual

firm’s website.

You are required to work as a team to extract, review and comment on the content of the firm’s latest annual

financial report. In your term paper, discuss the following issues:

1. Key differences between the financial information (including the jargons) being used in the oil and gas sector and other sectors (for example, the manufacturing, retailing, health care sectors),

2. If the firm that you reviewed is required by SEC to change its accounting policies, from the successful efforts method to the full cost method and vice versa, identify the items and impact of the change of

accounting policies on the firm’s income statement and balance sheet, and

3. Recommend how the firm could improve the content of and presentations on the financial information.

Term paper submission:

Identify a team leader. The team leader is responsible for coordinating and submitting the term paper, soft

and hard copies by the due date.

Due by: October 20 2016, 3:30 pm.

Type written, use double space, Times New Roman, 12 point font

Maximum of 2000 words excluding tables, appendices, references and figures

Complete and return separately to me the proportion (%) of work contributed by you and each of your

team members. Do not allocate any point for yourself.

Prairie View A&M University

College of Business

Oil and Gas Accounting (ACCT 4253): Fall 2016

Contributions toward the term paper

I reviewed the annual report of ________________________________Inc, for _______ (year)

Contributions (%)

Your name:

Other team members:

(1)

(2)

(3)

Total 100 %

Do NOT allocate any points for yourself.