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