Chart of Accounts

The Illustrative Chart of Accounts is a comprehensive document: it includes categories

used by both the successful efforts and full cost methods of accounting. Accounts unique
to successful efforts companies are noted by an SE in the left margin, while FC denotes
accounts unique to full cost companies.

ABC Oil Company

Chart of Accounts

FC
FC

100-109
101
102
105
106
107
110-119
110
111
120 129
120
121
122
123
124
126
127
127.001
127.002
127.003
129
130
-139
130
131
132
132.001
132.002
132.003
132.004
140-149
140
141
142
143
210-219
210
211
211.001
211.002
211.003
211.004
211.005
211.006
211.007
211.999

Cash
Cash in First National Bank
Cash in First State Bank
Special Deposits
Payroll Account
Petty Cash
Short-Term Investments
Marketable Securities
Overnight Interest-Bearing Accounts
Accounts Receivable
Accounts ReceivableOil and Gas Sales
Accounts ReceivableGas Imbalances (if using entitlement method)
Accounts ReceivableGas Marketing
Accounts ReceivableJoint Interest Billings
Accounts ReceivableEmployees
Accounts ReceivableOther Receivables
Accrued Receivables
Oil and Gas Sales
Accrued Interest
Other
Allowance for Doubtful Accounts
Inventories
Inventory of Crude Oil (account used infrequently)
Inventory of Natural Gas Held in Storage
Inventory of Materials and Supplies
Field Yards (detailed by location and type of material)
Trucking Yards (detailed by location and type of material)
Warehouse Inventories (detailed by location and type of material)
Lower-of-Cost-or-Market Reserve
Other Current Assets
Prepaid Expenses
Current Portion of Long-Term Receivables
Margin Accounts for Futures Trading
Other
Unproved Property Acquisition Costs*
Unproved Property Purchase Suspense (detailed by project)
Unproved Property Acquisition Costs
Lease Bonus
Commissions
Landman Services and Expenses
Abstracting Fees
Capitalized Interest
Delay Rentals
Other Carrying Costs
Transfers to Proved Mineral Interests

219

Allowance for Impairment of Unproved Properties

(detailed by property or by groups of properties as appropriate)
Additional unproved property accounts may be used for other types of economic interests, such as
Account 212 for fee interests, Account 213 for royalty interests, Account 214 for overriding royalty
interests, Account 215 for net profits interests, and Account 216 for volume production payments.
*Note: The conventional term unproved property refers to unevaluated property. Once a property
is evaluated as not having proved reserves, the capitalized acquisition costs are either: (1) expensed
under the successful efforts method to Account 800, Exploration Expenses, or (2) reclassified using full
cost accounting to Account 227, Abandoned and Worthless Property.