This course offers a training course in industrial accounting for oil companies. This course is designed for anyone who wants to gain skills in preparing accounting treatments and costs for all stages of the oil industry, including the handling of proven and unproven reserves. The course aims to familiarize participants with the accounting system in petroleum companies and the accounting dimensions of each stage of the industry, starting from exploration, development, and production.
Accounting is the science that studies the measurement, communication, and interpretation of all financial activities. It involves recording, classifying, summarizing financial transactions, and presenting financial information through financial statements prepared for specific time periods, often quarterly. Accounting is also known as the language of business. There are several branches of accounting, which means that if a company distributes its financial data to the public, it must follow Generally Accepted Accounting Principles (GAAP) when preparing that data. Additionally, if there is trading in the company’s stock, federal law requires that the financial statements be audited by independent certified public accountants. Both the company's management and independent accountants must ensure that the financial statements and their related notes are prepared according to accepted accounting principles. Accounting has various branches, each of which plays a significant role in an organization, including industrial, governmental, and banking accounting. Our course will focus on industrial accounting in oil sector institutions.