THE EVALUATION OF ACCOUNTING SYSTEM IN THE OIL INDUSTRIES (A CASE STUDY OF NIGERIA NATIONAL PETROLEUM COMPANY ILORIN).


THE EVALUATION OF ACCOUNTING SYSTEM IN THE OIL INDUSTRIES (A CASE STUDY OF NIGERIA NATIONAL  PETROLEUM COMPANY ILORIN).  

TABLE OF CONTENTS

CHAPTER ONE

1.0 Introduction

1.1 Background of the study

1.2 Objective of the study

1.3 Scope of the study

1.4 Research hypothesis

1.5 Significance of the study

1.6 Delimitation of the study

1.7 Definition of major terms

CHAPTER TWO

2.0 Review of related literature

2.1 Accounting defined

2.2 Accounting as an information system

2.3 Parties interested in the accounting information

2.4 Qualities of ideal accounting information

2.5 The nature and types of financial accounting convention

2.6 Accounting concept and convention

CHAPTER THREE

3.0 Research method

3.1 Research design

3.2 Population

3.3 Sample and sampling technique

3.4 Research instrument 

3.5 Validity of the instrument

3.6 Administration of the instrument

3.7 Data analysis procedure

3.8

CHAPTER FOUR

4.0 Data presentation and analysis

4.1 Data presentation

4.2 Data analysis

4.3 Findings

CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATION

5.0 Summary

5.1 Conclusion

5.2 Recommendation

References

Questionnaire

CHAPTER ONE

1.0 INTRODUCTION

1.1 BACKGROUND OF THE STUDY

The importance of accounting cannot be over emphasize for accounting is needed at the birth of an organization during the life time of the organization and at the death of the organization (i.e. winding up). Accounting can be described as the mid-wife and of the company at birth, guardian during life time and successor of the death.

Changing social attitude combine with developments in information technology, quantitative method and behavioral sciences to affect radically the environment with accounting operates today, hereby creating the need to re-evaluate the objective of accounting in a under perspective.

Accounting is moving away from its traditional procedural base, encompassing record keeping and such related work as the presentation of budgets and final accounts, towards the adoption of a rob which emphasizes its social importance, the changing environments have extended the boundaries of accounting  and have created a problem of  defining the scope of the subject. There is need for a definition which is broad enough to deliberate it boundaries, while sufficiently precise as a statement of its essential nature. A more recent definition which his less rest native in interpreting accounting  as “the process of trying measuring and communicating economic information to permit informed judgments and decide by the users of instruction system is a set of element by the which operate together in order to obtain a goal”

Accounting system could be said to be universal in outlook, it is worthy to note that what actively universal are the underlying basic concepts of accounting as usually regulated by such instruments as the international accounting standards (IAS). Statement of standard accounting practice (SSAP) etc. These instrument are always in the particularly to final account as made available to the public. International accounting system differ from nation to nation, sector to sector and organization.

This project therefore is to study and peculiars of accounting system being operated in the oil industry with special reference to chevron Nigeria limited.

1.2 STATEMENT OF THE PROBLEM

Roy sidebothan (2005) said “the act of accounting has an economics setting. It is expected to add to that knowledge who engages in commercial and financial interaction. To construct general notion about accounting, it is therefore necessary to draw on knowledge of the ways in which people act individually and collectively, in economic matters”.

However, poorly or well it might be done, it must serve some functions. If the functions can be ascertained and specified it will be possible to deduce the form which accounting should takes and if the deal from of accounting can be stated it should be possible to judge whether or not any present practice yield information’s will serve the stipulated functions and in what direction improvements may made”.

Generally, the accounting problems confronting all industries are numerous and very with difference organization. The underlisted factors can be responsible for the analyzed problems of efficiency, problem of effectiveness, problem of comprehensiveness, etc. The above mentioned problems have some re-tardetive effects on the organization drive towards acting its organization goals and objectives.

The research work is no accounting system as it concerns oil industry this time was chosen because of the researcher’s interest in knowing more about the accounting system in oil industry as compared to other industries in Nigeria.

After serving under the student industrial working experience scheme (SIWES) at the Chevron Nigeria Limited, the author have been nursing the ideal that one day the researcher will have opportunity to conduct an intensive research into the accounting system of the establishment (Cheviron Nigeria Limited). There would be no better opportunity to make this “dream’ comes true.

1.2 OBJECTIVE OF THE STUDY

The primary  aim of the study is to analyses the accounting system as its concerns exploration and production of crude oil and other related products. Other purpose which this research will serve include the ascertainment of effectiveness, efficiency and comprehensive of the accounting system.

1.3 SCOPE OF THE STUDY

This study will deal with accounting system adopted by Chevron Nigeria Limited as it concern crude production and petroleum products.

In carring out this study, the research will look into various accounting standard, policies and system. This study strictly based on chevron Nigeria limited, the decision to limit the study to this organization is as a result of time and cost that will be involved in gathering data.

1.4 RESEARCH HYPOTHESES

The following hypotheses underlying this research will be tested in the course of the research.

1. That the existing accounting system is effective in relations to credit control.

2. That the accounting system though would have been efficient, but for lack of necessary personnel for implementation.

3. that the financial or accounting needs of the organization is satisfied by the existing system

1.5 SIGNIFICANCE OF THE STUDY

This study is to examine the positive impact of corporation account with particular reference to the Nigeria National petroleum corporation (NNPC) Ilorin depot.

Also, the result at this study will help the management to maintain the present accounting system, maintenance of an accounting system is tasking and demanding, it takes a lot just as instituting efficient accounting system, it is easier to get to the top than maintaining the top position, the management should ensure at all time that all the instituted control are working efficiently and effectively for the production of an efficient accounting system.

1.6 DELIMITATION OF THE STUDY

This research is based on chevron Nigeria Limited: the decision to limit the study to this organization is as a result of time and cost that will be involved in gathering data.

1.7 DEFINATION OF MAJOR TERMS

Accounting policy. This is the account bases and methods used with reference to others to the specific needs of the business.

Accounting can be defined as the process of identifying, measuring and communicating economics information to permit informed judgment and decision by the users of the information.

Cost accounting: this is the process of finding the actual cost of product operations and department and possibly comparing them in the estimated or ideal cost.

Data: is defined as the collecting facts expressed as symbols and characters which have no meaning and are unable to influence decision until it is transformed into information.

Management accounting: This is defined as the application of professional  knowledge and skill in the preparation and presentation of accounting information in such a way as to assist management in the formulating polices and in the planning and control of the operation of the undertaking.

Periodicity. This is the way dividing the life of the business into specified accounting period in order to provide information to those who need the information e.g quarterly, yearly.

Population: Population is defined as the  whole site of individual which from the subject of study in a particular Survey. It is the totality of cases that conform to some designated specification.

Realization: Recognition of Relevance at point where it is reasonable certain that is been earned.

.


TYPE IN YOUR TOPIC AND CLICK SEARCH.






RESEARCHWAP.COM

Researchwap.com is an online repository for free project topics and research materials, articles and custom writing of research works. We’re an online resource centre that provides a vast database for students to access numerous research project topics and materials. Researchwap.com guides and assist Postgraduate, Undergraduate and Final Year Students with well researched and quality project topics, topic ideas, research guides and project materials. We’re reliable and trustworthy, and we really understand what is called “time factor”, that is why we’ve simplified the process so that students can get their research projects ready on time. Our platform provides more educational services, such as hiring a writer, research analysis, and software for computer science research and we also seriously adhere to a timely delivery.

TESTIMONIES FROM OUR CLIENTS


Please feel free to carefully review some written and captured responses from our satisfied clients.

  • "Exceptionally outstanding. Highly recommend for all who wish to have effective and excellent project defence. Easily Accessable, Affordable, Effective and effective."

    Debby Henry George, Massachusetts Institute of Technology (MIT), Cambridge, USA.
  • "I saw this website on facebook page and I did not even bother since I was in a hurry to complete my project. But I am totally amazed that when I visited the website and saw the topic I was looking for and I decided to give a try and now I have received it within an hour after ordering the material. Am grateful guys!"

    Hilary Yusuf, United States International University Africa, Nairobi, Kenya.
  • "Researchwap.com is a website I recommend to all student and researchers within and outside the country. The web owners are doing great job and I appreciate them for that. Once again, thank you very much "researchwap.com" and God bless you and your business! ."

    Debby Henry George, Massachusetts Institute of Technology (MIT), Cambridge, USA.
  • "I love what you guys are doing, your material guided me well through my research. Thank you for helping me achieve academic success."

    Sampson, University of Nigeria, Nsukka.
  • "researchwap.com is God-sent! I got good grades in my seminar and project with the help of your service, thank you soooooo much."

    Cynthia, Akwa Ibom State University .
  • "Great User Experience, Nice flows and Superb functionalities.The app is indeed a great tech innovation for greasing the wheels of final year, research and other pedagogical related project works. A trial would definitely convince you."

    Lamilare Valentine, Kwame Nkrumah University, Kumasi, Ghana.
  • "Sorry, it was in my spam folder all along, I should have looked it up properly first. Please keep up the good work, your team is quite commited. Am grateful...I will certainly refer my friends too."

    Elizabeth, Obafemi Awolowo University
  • "Am happy the defense went well, thanks to your articles. I may not be able to express how grateful I am for all your assistance, but on my honour, I owe you guys a good number of referrals. Thank you once again."

    Ali Olanrewaju, Lagos State University.
  • "My Dear Researchwap, initially I never believed one can actually do honest business transactions with Nigerians online until i stumbled into your website. You have broken a new legacy of record as far as am concerned. Keep up the good work!"

    Willie Ekereobong, University of Port Harcourt.
  • "WOW, SO IT'S TRUE??!! I can't believe I got this quality work for just 3k...I thought it was scam ooo. I wouldn't mind if it goes for over 5k, its worth it. Thank you!"

    Theressa, Igbinedion University.
  • "I did not see my project topic on your website so I decided to call your customer care number, the attention I got was epic! I got help from the beginning to the end of my project in just 3 days, they even taught me how to defend my project and I got a 'B' at the end. Thank you so much researchwap.com, infact, I owe my graduating well today to you guys...."

    Joseph, Abia state Polytechnic.
  • "My friend told me about ResearchWap website, I doubted her until I saw her receive her full project in less than 15 miniutes, I tried mine too and got it same, right now, am telling everyone in my school about researchwap.com, no one has to suffer any more writing their project. Thank you for making life easy for me and my fellow students... Keep up the good work"

    Christiana, Landmark University .
  • "I wish I knew you guys when I wrote my first degree project, it took so much time and effort then. Now, with just a click of a button, I got my complete project in less than 15 minutes. You guys are too amazing!."

    Musa, Federal University of Technology Minna
  • "I was scared at first when I saw your website but I decided to risk my last 3k and surprisingly I got my complete project in my email box instantly. This is so nice!!!."

    Ali Obafemi, Ibrahim Badamasi Babangida University, Niger State.
  • To contribute to our success story, send us a feedback or please kindly call 2348037664978.
    Then your comment and contact will be published here also with your consent.

    Thank you for choosing researchwap.com.