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Oil & Gas Accounting

Oil & Gas Accounting 

With the discovery of the Marcellus and Utica shale, oil and gas companies have increased the production and sales of oil and natural gas in our area.  As oil and gas companies continue to increase, the need for accountants proficient in oil and gas accounting will also increase.  This course will introduce the student to the oil and gas industry as well as enhance their accounting skills in order for them to be employable in the oil and gas industry. 

Attention CPA’s and PA’s

Earn Continuous Professional Education (CPE) at Belmont College with Oil and Gas Accounting I and II. Belmont College’s Oil and Gas Accounting I and II have been approved by the Accountancy Board of Ohio for Continuous Professional Education (CPEs) for CPAs and PAs.

 

Oil and Gas Accounting I and Oil and Gas Accounting II each qualify for 4 semester credit hours or 64 contact hours toward CPA or PA Continuous Professional Education Requirements.  There are no prerequisites for Oil and Gas Accounting I if you are a CPA or PA.

 

Oil & Gas Accounting I 

 

2015 Summer Semester – Online Course 

Course code: ACC 2300 091 – 4 college credits

Date: To be announced. 

Class times: Online/Internet

Pre-requisite:  ACC 2204 – Intermediate Accounting I

Total cost: *$585.20 + student life fee $10 (*In-State Fees)

 

Registration: New students must fill out a new student application. After submitting the college application, please call the Advising Department at 740.699.3810 to make an appointment to register.

 

Course Description

The goal of this course is to examine the accounting issues related to the exploration, development, and production activities for domestic operations.  This course will include coverage of financial accounting and the two cost methods primarily used in oil and gas accounting: successful efforts and full cost accounting.  Upon successful completion of this course, the student will be able to:

 

  • Understand the basic terminology of the oil and gas industry,
  • Realize the four components of cost involved in exploration and development,
  • Determine whether costs should be expensed or capitalized,
  • Identify and know the differences between the two cost methods used in the industry,
  • Know and understand the components of production, and
  • Prepare journal entries for the four components of cost:  Acquisition, Exploration, Development, and Production.

 

 

Oil & Gas Accounting II

 

2015 Fall Semester – Online Course

Course code: ACC 2400 091 – 4 college credits

Dates: To be announced. 

Class times: Online/Internet

Pre-requisite:  ACC 2300 091 – Oil & Gas Accounting I

Total cost: *$585.20 + student life fee $10 (*In-State Fees)

 

Registration: New students must fill out a new student application. After submitting the college application, please call the Advising Department at 740.699.3810 to make an appointment to register.

 

Course Description

The goal of this course is to examine the accounting issues related to the exploration, development, and production activities for domestic operations.  This course will include coverage of financial accounting and the two cost methods primarily used in oil and gas accounting: successful efforts and full cost accounting.  Upon successful completion of this course, the student will be able to:

 

  • Understand the basic terminology of the oil and gas industry,
  • Realize the four components of cost involved in exploration and development,
  • Determine whether costs should be expensed or capitalized,
  • Identify and know the differences between the two cost methods used in the industry,
  • Know and understand the components of production, and
  • Prepare journal entries for the four components of cost:  Acquisition, Exploration, Development, and Production.