Hi, the main thing is that your playing partners play by the same rules. If you are pushed for time and can not go back to the last place you played from and your ball is not deemed to have been lost in a hazard then stroke and distance (2 shots) should be the case I believe and one for a hazard. BUT enjoy the game and play the same rules as your playing partners. I played a guy last year that had a "play it 'till you like it" rule where he hit 5 tee shots on the first tee until he "liked" one.
After all we are supposed to enjoy the game.
If playing Competition golf then i don't think you have a choice and must go back and play from the tee or best recollection of where you played from last.
If you think you may have trouble finding a ball before you go look for it take a provisional shot after informing your playing partners, that can save time too.
