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