Cost accounting practice in the oil industry Department: Accountancy By: fctnett Project ID: 5981 Rating: (5.0) votes: 1Rate this project12345 Price:₦2000 Get the Complete MaterialAbstractThe 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. ...Preview Download Preview +Other Accountancy project topics and materials you might be interested in»The Impact of Accounting Ratio in Decision Making ( A Case Study of Nigeria Breweries Plc Enugu) »The impact of budget and budgetary control in tertiary institutions ( A Case study of imo state university )»Internal control as a tool for improving profitability»The role of financial institutions in the development of Nigeria economy»Impact of computerization of accounting system of commercial banks ( A case study of union bank plc )»The Impact of product development on banks performance ( A Case study of first bank plc )»Role of good accounting system in the management of private enterprise in Nigeria ( A Case Study of Nwaogo pam paper mills limited )»Effects of standard costing on the profitability of manufacturing companies (a case study of nigerian breweries plc, Ama, Udi local government of Enugu state) »The role of accounting system in measuring organizational performance of transport company ( A Case study of ABC Transport )»Auditing in Nigeria companies, problems and prospects»The effects of computerized accounting system on the performance of banking industry in Nigeria»Effective internal control as an aid to management efficiency ( Case Study of Nigeria Bottling Company Owerri )»Effect of misrepresentation of information in a financial statement»The impact of development finance institutions (DFIS) in economic development of Nigeria»An appraisal of fraud prevention measures in Nigerian banking sector ( Case study of access bank plc owerri )