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Management Accounting and Cost Accounting in the Downstream International Petroleum-Oil and Gas-Industry
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By: HRODC Postgraduate Training Institute

United Kingdom

19 - 23 Feb, 2018  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 Feb 19 - 23 Feb, 2018
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)
(Convert Currency)

+44 7736147507; +44 1902 763607; +44 2071935906; +

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