Accounting and Cost Accounting in the Downstream International Petroleum–Oil & Gas–Industry - Course

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HRODC Postgraduate Training Institute, A Postgraduate-Only Institution

Comments about Accounting and Cost Accounting in the Downstream International Petroleum–Oil & Gas–Industry - Course - At the institution - London - Greater London

• Course description
  Part 1: Three Main Accounting Areas Ø  Management Accounting;Ø  Financial Accounting;Ø  Cost Accounting.  Part 2: Accounting Concepts Ø  The Money Measurement Concept;Ø  The Entity Concept;Ø  The Going Concern Concept;Ø  The Dual Aspect Concept;Ø  The Accounting Period Concept;Ø  The Materiality (Proportionality) Concept;Ø  The Conservatism Concept;Ø  Consistency Concept;Ø  The Realisation Concept;Ø  The Matching Concept;Ø  The Cost Concept.  Part 3: Management Accounting Ø  Strategy and Management Accounting;Ø  Management Accounting and Value;Ø  Illustration of Value Chain;Ø  Key Success Factors;Ø  Planning and Control Systems;Ø  A Five-step Decision Making Process in Planning and Control;Ø  Management Accounting Guidelines;Ø  A Typical Organisational Structure and the Management Accountant.  Part 4: Cost Terms and Purposes Ø  Basic Cost Terminology;Ø  Direct and Indirect Cost;Ø  Cost Examples in the Downstream Petroleum Industry;Ø  Factors Affecting Direct/Indirect Cost Classification;Ø  Cost Behaviour;Ø  Other Cost Concepts;Ø  A Cost Caveat;Ø  Multiple Classifications of Costs;Ø  Different Types of Firms;Ø  Types of Manufacturing Inventories;Ø  Types of Product Cost;Ø  Accounting vs. Cost;Ø  Cost Flows;Ø  Cost Flows Visualised;Ø  Multiple – Step Income Statement;Ø  Cost of Goods Manufactured;Ø  Other Cost Considerations;Ø  Different Definitions of Costs for Different Applications;Ø  The Common Features of Cost Accounting and Cost Management.  Part 5: Cost-Volume-Profit Analysis Ø  A Five-Step Decision Making Process in Planning and Control Revisited;Ø  Foundational Assumptions in CVP;Ø  Basic Formulae;Ø  CVP: Contribution Margin;Ø  Cost-Volume-Profit Equation;Ø  Break Even Point;Ø  Break Even Point, Extended: Profit Planning;Ø  CVP: Graphically;Ø  Profit Planning: Illustrated;Ø  CVP and Income Taxes;Ø  Sensitivity Analysis;Ø  Margin of Safety;Ø  Operating Leverage;Ø  Effects of Sales – Mix on CVP;Ø  Alternative Income Statement Formats.  Part 6: Job Costing Ø  Cost Terminology;Ø  Costing Systems;Ø  Costing Systems Illustrated;Ø  Costing Approaches;Ø  Seven-step Job Costing;Ø  Sample Job Cost Document;Ø  Sample Job Cost Source Documents;Ø  Job Costing Overview;Ø  Journal Entries;Ø  Flow of Costs Illustrated;Ø  Illustrated General Ledger in a Job Cost Environment;Ø  Accounting for Overhead;Ø  Three Methods for Adjusting Over/Underapplied Overhead.   Part 7: Activity Based-Costing and Cost Management Ø  Broad Averaging;Ø  Over and Undercosting;Ø  Cross-subsidization;Ø  Rationale for Selecting a More Refined Costing Sytem;Ø  Cost Hierarchies;Ø  ABC vs. Simple Costing Schemes;Ø  Activity-Based Management.  Part 8: Oil and Gas Accounting Ø  Oil and Gas Production and Sales;Ø  Some State and US Federal Oil and Gas Drilling Regulation;Ø  Maximum Efficiency Rate (MER);Ø  The Concept of Peak Oil (1);Ø  4 Basic Types of Oil:*      Acquisition Costs;*      Exploration Costs;*      Development Costs;*      Production Costs.Ø  Historical Cost Accounting Methods;Ø  Historical Development of Accounting Methods and Current Status;Ø  Introduction to Successful Efforts Accounting;Ø  Charts Accounts for Successful Efforts Company.

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