Cost Accounting, 13e (Horngren et al.)
Flexible Budgets, Direct-Cost Variances, and Management Control
The master budget is one type of flexible budget.
The master budget is a static budget.
Chapter 1- Fundamentals of Oil &
Source: Fund. Of Oil & Gas Accounting, Wright, C.J
and Gallun R.A., 5th Edition, PennWell.
By Dr. Walid Cheffi
Image source: http:/www.resourceinvestor.com/oil-potential-onshore-and-offshore
Origin of Petrol
Basic Debits and Credits
Md Abubakar Siddique
Double-entry system of Accounting
Accounting is based on double entry system
We record the dual effects of a business
Each transaction affects at least two accounts
Frontier Park was started on April 1 by C. J. Mendez and associates. The following selected
events and transactions occurred during April.
Apr. 1 Shareholders invested $40,000 cash in the business in exchange for ordinary
4 Purchased land co
Chapter 3: Exercise 1
Prepare adjusting entries for the year ended (date of) December 31, 2008, for each of these
separate situations. Assume that prepaid expenses are initially recorded in asset accounts.
Also assume that fees collected in advance of wor
Accounting equation exercise:
At the beginning of the year, Hernandez Company had total assets of 800,000 and total liabilities of 500,000. Answer the
following questions. Each question is independent
(a) If total assets increased 150,000 during the year