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Cost Accounting Practice in the Oil Industry

Cost Accounting Practice in the Oil Industry

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DEDICATION

This research material, titled “Cost Accounting Practice in the Oil Industry” is dedicated to God for His boundless grace and guidance. It is also a tribute to all computer enthusiasts whose contributions made my research journey smoother and enriched my documentation process, making the experience truly fulfilling.



ACKNOWLEDGEMENT

I am profoundly grateful to everyone who contributed to the successful completion of this project. I am especially grateful to my Supervisor (Name), the Head of Department (Name), and the Lecturers in the Department of Accountancy / Accounting for their invaluable guidance and support. I also acknowledge the contributions of authors and scholars whose works on Cost Accounting Practice in the Oil Industry provided essential insights. Special thanks go to my study area (and any funding organizations, if applicable) for their financial assistance. I am equally thankful to stakeholders, including mentors, teachers, and colleagues, for their encouragement and support. Finally, I deeply appreciate my family and friends for their patience and unwavering support throughout this journey. Your contributions have been instrumental in making this research a reality.



TABLE OF CONTENTS

PRELIMINARY PAGES

CHAPTER ONE

  • 1.0 Introduction
  • 1.1 Statement of the problem
  • 1.2 Objective of the study
  • 1.3 Research Questions
  • 1.4 Hypothesis
  • 1.5 Significance of the study
  • 1.6 Scope of the study
  • 1.7 Limitation of the study
  • 1.8 Brief profile of Nigeria oil and gas
  • 1.9 Definition of term

CHAPTER TWO

  • 2.0 Literature review
  • 2.1 The nature of cost accounting
  • 2.1.1 Historical development of costing
  • 2.1.2 Advent of the oil industry in the world
  • 2.1.3 Classification of cost
  • 2.1.4 Cost behaviour
  • 2.1.5 Element of cost
  • 2.1.6 Cost accounting method
  • 2.1.7 Cost accounting Technologies
  • 2.1.8 Marginal costing and absorption costing
  • 2.1.9 Standard absorption and standard marginal costing
  • 2.1.9 Overhead allocation
  • 2.2 Accounting of work in progress
  • 2.3 Cost accounting practice in oil industry
  • 2.3.1 Costing accounting policy in the oil and gas industry

CHAPTER THREE

  • 3.0 Summary Conclusion and Recommendation
  • 3.1 Conclusion
  • 3.2 Recommendation

BIBLIOGRAPHY


ABSTRACT

The study heavy carried out to look into Cost Accounting Practice in the Oil Industry. It may not be out of place to say that petroleum product is the mainstream of the Nigerian economy.

The importance of this product is obviously the worry of all Nigerians. This study has therefore given a non down of how cost accepting can be relevant in the planning an organizing petroleum product in our economy, in which we all have a stake.

To the light of the foregoing, the research is aimed at finding out how effective is cost accounting practices in the oil industry, the problems and identifying ways and means of solving the differences we have in its use.

Therefore, in this research, the researcher made use of both primary and secondary sources of data. The primary sources includes interview, observation and most importantly form well structured questionnaires which were distributed to staff of the oil companies in oil industry.

The secondary data came in form of text, journal, and seminar paper in order to ascertain or support the research findings responses were analyzed using percentages.

The researcher has achieved some objections in this work and these are:

  1. That costing is a daily exercise and the costing element materials, labour and overheads.
  2. That there exist some relationship between cost accounting techniques and methods taught in school and those actually practiced in the oil industry.
  3. Also that the companies uses contact costing method more than other costing methods.
  4. The successful effort method and the full, cost methods are peculiar to the oil industry.
  5. The research work has concluded with some recommendation on part of the deficiencies in this study.

Cost Accounting Practice in the Oil Industry

CHAPTER ONE

Dedication

Acknowledgement

Table of content

Abstract

Chapter One

1.0 Introduction

1.1 Statement of the problem

1.2 Objective of the study

1.3 Research Questions

1.4 Hypothesis

1.5 Significance of the study

1.6 Scope of the study

1.7 Limitations of the Study

1.8 Brief profile of Nigeria oil and gas

1.9 Definition of term

Chapter Two

2.0 Literature review

2.1 The nature of cost accounting

2.1.1 Historical development of costing

2.1.2 Advent of the oil industry in the world

2.1.3 Classification of cost

2.1.4 Cost behaviour

2.1.5 Element of cost

2.1.6 Cost accounting method

2.1.7 Cost accounting Technologies

2.1.8 Marginal costing and absorption costing

2.1.9 Standard absorption and standard marginal costing

2.1.9 Overhead allocation

2.2 Accounting of work in progress

2.3 Cost accounting practice in oil industry

2.3.1 Costing accounting policy in the oil and gas industry

Chapter Three

3.0 Summary Conclusion and Recommendation

3.1 Conclusion

3.2 Recommendation

Bibliography

…

CHAPTER TWO

2.0 Literature Review

2.1 Introduction

This chapter focuses on the review of related literature. A literature review includes the current knowledge as well as theoretical and methodological contributions to a particular topic. It documents the state of the art with respect to the topic you are writing. It surveys the literature in the topic selected. In this research work the literature review includes the conceputal review, theoretical framework, the review of related literature …

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Defense Procedure for Accounting Researchers

In preparation for defending a project or seminar on Cost Accounting Practice in the Oil Industry, it is imperative that as a nursing student, you demonstrate comprehensive knowledge of your research. The defense process is structured to include presenting your work, answering questions, and illustrating its pertinence. Initially, provide a succinct yet thorough introduction to your research topic, emphasizing its importance and the objectives, ensuring that both the audience and the External Examiner can understand the scope of your study.

Prior to your defense, be thoroughly acquainted with your research abstract and the critical elements of Chapter One, including motivation for embarking on this research, problem statement, objectives, and significance. In Chapter Two, be ready to cite at least two references from the literature review. For Chapter Three, you should be equipped to discuss the methodologies, tools, and techniques utilized. In Chapter Four, defend your research by justifying the findings and linking them to your research objectives.

Conclude your defense by succinctly summarizing the study and offering insightful, evidence-based recommendations. A professional dress code, such as wearing a suit and tie, is vital to create a favorable impression and elevate your presentation.

During the question and answer segment, the External Examiner may pose questions pertaining to your research. If confronted with a challenging or irrelevant question, respond diplomatically with, “Sorry, Sir/Madam, the question asked is beyond the scope of my study.” Whenever possible, direct your answers back to your research findings to reinforce your expertise.

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