Which of the following most accurately describes the position taken by generally accepted accounting principles regarding the accounting for the costs of drilling dry wells in the oil and gas industry?

Neither the successful efforts method nor the full cost method may be used pending the development by the Securities and Exchange Commission of its own approach to accounting for the costs of drilling dry wells.

Only the successful efforts method may be used.

Both the successful efforts and full$-$cost methods may be used.

Only the full cost method may be used.