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Management Accounting and Cost Accounting in the Downstream International Petroleum-Oil and Gas-Industry

By: HRODC Postgraduate Training Institute

United Kingdom

13 - 17 Nov, 2017  5 days

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GBP 5,000

The course content of the management accounting and cost accounting in the downstream international petroleum-oil and gas-industry training course is as follows:

Part 1: Three Main Accounting Areas

  • Management Accounting;
  • Financial Accounting;
  • Cost Accounting

Part 2: Accounting Concepts

  • The Money Measurement Concept;
  • The Entity Concept;
  • The Going Concern Concept;
  • The Dual Aspect Concept;
  • The Accounting Period Concept;
  • The Materiality (Proportionality) Concept;
  • The Conservatism Concept;
  • Consistency Concept;
  • The Realization Concept;
  • The Matching Concept;
  • The Cost Concept.

Part 3: Management Accounting

  • Strategy and Management Accounting;
  • Management Accounting and Value;
  • Illustration of Value Chain;
  • Key Success Factors;
  • Planning and Control Systems;
  • A Five-step Decision Making Process in Planning and Control;
  • Management Accounting Guidelines;
  • A Typical Organizational Structure and the Management Accountant.

Part 4: Cost Terms and Purposes

  • Basic Cost Terminology;
  • Direct and Indirect Cost;
  • Cost Examples in the Downstream Petroleum Industry;
  • Factors Affecting Direct/Indirect Cost Classification;
  • Cost Behaviour;
  • Other Cost Concepts;
  • A Cost Caveat;
  • Multiple Classifications of Costs;
  • Different Types of Firms;
  • Types of Manufacturing Inventories;
  • Types of Product Cost;
  • Accounting vs. Cost;
  • Cost Flows;
  • Cost Flows Visualized;
  • Multiple – Step Income Statement;
  • Cost of Goods Manufactured;
  • Other Cost Considerations;
  • Different Definitions of Costs for Different Applications;
  • The Common Features of Cost Accounting and Cost Management

Part 5: Cost-Volume-Profit Analysis

  • A Five-Step Decision Making Process in Planning and Control Revisited;
  • Foundational Assumptions in CVP;
  • Basic Formulae;
  • CVP: Contribution Margin;
  • Cost-Volume-Profit Equation;
  • Break Even Point;
  • Break Even Point, Extended: Profit Planning;
  • CVP: Graphically;
  • Profit Planning: Illustrated;
  • CVP and Income Taxes;
  • Sensitivity Analysis;
  • Margin of Safety;
  • Operating Leverage;
  • Effects of Sales – Mix on CVP;
  • Alternative Income Statement Formats

Part 6: Job Costing

  • Cost Terminology;
  • Costing Systems;
  • Costing Systems Illustrated;
  • Costing Approaches;
  • Seven-step Job Costing;
  • Sample Job Cost Document;
  • Sample Job Cost Source Documents;
  • Job Costing Overview;
  • Journal Entries;
  • Flow of Costs Illustrated;
  • Illustrated General Ledger in a Job Cost Environment;
  • Accounting for Overhead;
  • Three Methods for Adjusting Over/Under applied Overhead.

Part 7: Activity Based-Costing and Cost Management

  • Broad Averaging;
  • Over and Under costing;
  • Cross-subsidization;
  • Rationale for Selecting a More Refined Costing System;
  • Cost Hierarchies;
  • ABC vs. Simple Costing Schemes;
  • Activity-Based Management

Part 8: Oil and Gas Accounting

  • Oil and Gas Production and Sales;
  • Some State and US Federal Oil and Gas Drilling Regulation;
  • Maximum Efficiency Rate (MER);
  • The Concept of Peak Oil (1);
  • 4 Basic Types of Oil:
    • Acquisition Costs;
    • Exploration Costs;
    • Development Costs;
    • Production Costs.
  • Historical Cost Accounting Methods;
  • Historical Development of Accounting Methods and Current Status;
  • Introduction to Successful Efforts Accounting;
  • Charts Accounts for Successful Efforts Company.
London, UK Nov 13 - 17 Nov, 2017
GBP 5,000.00(The course cost does not include living accommodation. However, delegates are treated with the following: Continuous snacks throughout the Event Days; Hot Lunch on Event Days; City Tour; Hand-outs; Stationery. We offer very attractive discount for groups)
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+44 7736147507; +44 1902 763607; +44 2071935906; +

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