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tompare and contrast the financial statement effects of the full cost versus the successful efforts method of accounting in the oil and las industry. What type of entity would prefer one method over the other and explain why? In the early years, the full cost method will reflect higher income, book value, total asset value, operating cash flow and investing cash outflows relative to the successful efforts method. The full cost method is generally preferred by smaller, independent oil and gas companies to report lower profit and reduce public criticism. In the early years, the successful efforts method will reflect higher income, book value, total asset value, operating cash flow and investing cash outflows relative to the full cost method. The successful efforts method is generally preferred by larger, established oil and gas companies in an effort to reduce reported profit so as to minimize public criticism and potential government interference. The full cost method is generally preferred by smaller, independent oil and gas companies engaging in extensive exploration. The full cost method is generally preferred by smaller, independent oil and gas companies to report higher profit and increase financing potential. The full cost method is generally preferred by larger, established oil and gas companies with more diversified operations and a continuous stream of cash flows and income from exploration activities. The successful efforts method is generally preferred by larger, established oil and gas companies with more diversified operations and a continuous stream of cash flows and income from exploration activities. The successful efforts method is generally preferred by larger, established oil and gas companies in an effort to increase reported profit so as increase financing potential and attract better employees