Questions from Financial Reporting

Q: For regulated utilities, are current liabilities usually presented first in utility

For regulated utilities, are current liabilities usually presented first in utility reporting? Comment.

Q: For regulated utilities, describe the income statement accounts, allowance for

For regulated utilities, describe the income statement accounts, allowance for equity funds used during construction, and allowance for borrowed funds used during construction?

Q: Differentiate between successful-efforts and full costing accounting as applied to

Differentiate between successful-efforts and full costing accounting as applied to the oil and gas industry.

Q: Some industries described in this chapter are controlled by federal regulatory agencies

Some industries described in this chapter are controlled by federal regulatory agencies. How does this affect their accounting systems?

Q: The matching concept involves the determination of when to recognize the costs

The matching concept involves the determination of when to recognize the costs associated with the revenue that is being recognized. For some costs, such as administrative costs, the matching concept...

Q: Oil and gas companies must disclose quantity estimates for proved oil and

Oil and gas companies must disclose quantity estimates for proved oil and gas reserves and the major factors causing changes in these resource estimates. Briefly indicate why this disclosure can be si...

Q: Is it more desirable to have the operating ratios increasing or decreasing

Is it more desirable to have the operating ratios increasing or decreasing for utilities and transportation companies?

Q: What type of ratio is operating revenue to operating property? Will

What type of ratio is operating revenue to operating property? Will it exceed 1:1 for a utility?

Q: What is the most important category of assets for transportation firms?

What is the most important category of assets for transportation firms?

Q: Briefly describe the revenue section of the income statement for a transportation

Briefly describe the revenue section of the income statement for a transportation firm?