Oil & Gas
Oil Stock Gain / Loss — Tank Calibration Adjustment
Adjusting for the difference between metered volumes and physical tank dip measurements.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Crude Oil Inventory | Asset (+) | 85,000.00 | - |
| Oil Stock Gain (Other Income) | Revenue (+) | - | 85,000.00 |
💡 Accountant's Note
Tank calibration, thermal expansion, and measurement uncertainty create differences between fiscal meters and physical stock counts. Material variances are investigated; minor differences are recognized as stock gains or losses.
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