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Cost Accounting Practice in the Oil Industry

Cost Accounting Practice in the Oil Industry

Project / Seminar Material
Reference ID: PS-140-TM

DEDICATION

This research material titled “Cost Accounting Practice in the Oil Industry” is dedicated to God for his enabling grace, and to all computer enthusiasts who contributed to make life a pleasant experience during my research documentation.

ACKNOWLEDGEMENT

I extend my sincere gratitude to all those who contributed to the completion of this project. Special thanks to my Supervisor (Name of your Supervisor), the Head of Department (Name of your HOD), the Lecturers in the department of Computer Science (CS), Book Authors and Profound Scholars of existing or related project material on “Cost Accounting Practice in the Oil Industry” for their invaluable guidance, support, and expertise throughout the journey.

I am also grateful to your study area (mention any funding organizations, if applicable) for their financial assistance. This research would not have been possible without the encouragement and assistance of some stakeholders (mention any mentors, teachers, or colleagues). Additionally, I would like to acknowledge the understanding and patience of my family and friends during this endeavor. Your unwavering support has been a constant source of motivation. Thank you all for being part of this meaningful endeavor.


Cost Accounting Practice in the Oil Industry

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 …

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