This book has been prepared specifically for use as a text in what might be called introductory oil and gas accounting classes. It includes almost all of the material from our earlier work, Accounting for Oil & Gas Producing Companies, Part I, and also covers most of the material from Part 2 of the same two-volume set. The contents here have been updated through the SEC's new rules governing the recognition of gain for full-cost companies, issued in May 1984.