Critical appraisal of accounting methods used in petroleum/petrochemical industry. A Case Study of Eleme Petrochemical Company LTD:-

ABSTRACT

Accounting has been described as'the language of business. This is true;, in fact it could be seen as the language of life because everybody is involved in accounting consciously or unconsciously in their daily life. The research work is on the topic “A Critical Accounting Appraisal of Accounting Method in the Petroleum/Petrochemical Industry. Accounting methods have been defined as the medium through which the fundamental accounting concepts are applied to financial transactions and to the preparation of financial statement. It is the item of adopted in recognizing, measuring and. valuing an item of revenue, expenses, gain, loss or any l' 1 I * asset or liability. Because of, tfq existence of more than one accounting methods due to the complexity of business types/and transactions arose need for the research. In this work, therefore, the7 researcher has been conducted a study into the accounting methods as applicable in petroleum /petrochemicals industry with a direct contact at Eleme Petrochemical Company Ltd. It is directed to find out, if there exist accounting methods and whether they conform with the required standard. The study has been divided into (5) five chapters. It had taken us through the background of the study, information about the company and variety of reviewed literature. In the process of research, various research instruments and methodology have been employed to arrive at the conclusion gotteh/To' thi^ effect, some recommendations have been made in areas of lapses. The researcher therefore believes that if this work is not neglected by the parties involved. It will be grant help to them.