Engineers and accountants

An analysis of the production of a firm must begin with a study of both capital and production costs. The term cost is often used in different senses by economists, engineers, and accountants. To an economist, cost means all the costs of producing a product that an engineer or accountant would consider plus a reasonable return for the capital needed to build (fixed capital) and operate (working capital plus expenses) the production facilities. 

Where the qualified volunteer negligently performs professiontd services extended to an individual, which the qualified volunteer is licensed under state law to perform, including but not limited to legal, medical, engineering, and accounting services. [Ark. Stat. Ann Section 16-6-105]... 

Reservoir engineers describe the relationship between the volume of fluids produced, the compressibility of the fluids and the reservoir pressure using material balance techniques. This approach treats the reservoir system like a tank, filled with oil, water, gas, and reservoir rock in the appropriate volumes, but without regard to the distribution of the fluids (i.e. the detailed movement of fluids inside the system). Material balance uses the PVT properties of the fluids described in Section 5.2.6, and accounts for the variations of fluid properties with pressure. The technique is firstly useful in predicting how reservoir pressure will respond to production. Secondly, material balance can be used to reduce uncertainty in volumetries by measuring reservoir pressure and cumulative production during the producing phase of the field life. An example of the simplest material balance equation for an oil reservoir above the bubble point will be shown In the next section. 

Since a fair allocation of costs requires considerable technical knowledge of operations in the chemical-process industries, a close liaison between the senior process engineers and the accountants in a company is desirable. Indeed, the success of a company depends on a combination of financial, technical, and managerial skills. 

Most people agree that general expenses incurred in administration, selling, distribution, etc., should not be included in the cost of inventory. In fact, many feel that no costs should be absorbed before they have been incurred. In general, method 2 is favored by engineers and method 3 by most accountants. However, the accountancy convention is to value at either cost or market value, whichever is the lower. In the methods considered, either ac tual or standard costs can be used. Note that method 3 shows a higher profit than method 2 when sales volume exceeds the produc tion rate and a lower profit when the production rate exceeds sales volume. 

By 1973 about 1.4 million barrels per day of residual fuel oil were used for electric power generation in the United States. This accounted for 16.8 percent of U.S. electricity generation, mostly in areas where cheap, foreign heavy fuel could be delivered by tanker. That same year, another 1.4 million barrels per day of heavy fuel oil were used in the United States for industrial and commercial applications. Worldwide during 1973 about 2.6 million barrels per day of residual fuel oil were used in marine diesel engines, and another 1.1 million barrels per day were used for steamship propulsion. 

An account is given of the Recopet process, jointly developed by Technochim Engineering and Institut Francais du Petrole, for the chemical recycling of PETP. The process, which consists of saponification, purification by chromatographic absorption and acidification, produces a terephthalic acid of high purity. 

Although more fundamental approaches are used in the science of chemical reaction engineering to account for the diffusion/reaction coupling, we rather propose the explanation restricted to rate laws of first order with respect to hydrogen and based on intuition. 

---