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Cost accounting practice in the oil industry

 Department: Accountancy  
 By: usericon fctnett  

 Project ID: 5981
   Rating:  (5.0) votes: 1
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The study was carried out to look into cost accounting practices 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 run down of how cost accounting can be relevant in the planning and organizing of petroleum products 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 the oil industry. The secondary data came in form of text, journal, and seminar papers 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 are materials, labour and overheads. - That there exists some relationship between cost accounting techniques and methods taught in school and those actually practiced in the oil industry. - Also that the companies use 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 recommendations on part of the deficiencies in this study.   ...
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