ABSTRACT
The oi I industry in Nigeria has grown tremendously since its discovery and major source of revenue and foreign exchange earning for the country. The study mainly to examined and identified the role of accounting system and reporting practice in the oil industry. The objectives of the study identified the accounting system used in the industry. Determined computerized system advantage over manual system, determined the efficiency effect of the accounting system adopted by the industry; ascertained the opinion of respondents in respect to experience staff and efficient accounting application, determined the efficient role of accounting system in the industry and also determined efficiency of accounting system in minimizing fraud.
Also, the study stated some literature review which covers the accounting system and methods and also the role of accounting system in the oil industry. It also dealt with some references from the accounting standard, for petroleum, SAS J 4
Primary and secondary data were collected and 80 questionnaire where distributed to 40 senior and 40 junior and where collected.
The three hypothesis in the opinion of respondents with respect to experience of accounting staff and efficient accounting system application. AJso it indicated that efficient accounting system and reporting practice do play a significant role in the oil and gas industry. Observation that effective and efficient computerization accounting system does pay a major role in enhancing the development of the oil and gas industry. These result was gotten after applying the decision rule of accepting null hypothesis if t• tabular is greater than t-calculated. Accepting alternative if t-tabular is lesser than t-calculated. Recommendation therefore includes effective and efficient application of
accounting system to control fraud and· the training of employed staff/workers in accounting practice.
TABLE OF CONTENT
Project assessment
Title _ i
Declaration _ _ iii
Dedication _ ,.iv
Acknowledgement. , v
Table of content. vi
List of tables vii
Abstract _ _ viii
Chapter one
I .0 Introduction
I. I Background
1.l Mobile production Nigeria unlimited 3
1.2 Statement of problem 5
1.3 Objective of the study _ 6
1.4 Research questions _ 7
1.5 Research hypothesis 8
1.6 Justification of the study 8
1.7 Limitations of the study 10
Chapter two
2.0 Literature review
2.1 History of petroleum 12
2.2 Nigeria Legislation Governing the Oil Industry 12
2.2.1 The Petroleum Act ( 1969) 13
2.2.2 Oil Mining Lease (OML) 13
2.2.3 Oil Prospecting License 14
2.2.4 Oil Exploration Licenses 14
2.3 Accounting 14
2.3. l Definition of Accounting 17
2.3.1.1 Accounting Methods 17
2.3 .1 .2 Accounting Base l 8
2.3.1.3 Accounting Policy 19
2.4 Accounting System 22
2.4.1 Principles of System Design 23
2.4.2 Steps in Constructing an Accounting System 24
2.4.3 Types of Accounting System 26
2.4.3.1 Manual System 26
2.4.3.2. Computer Basic System 26
2.5 Reporting In Accounting 26
Chapter Three
3.0 Research Methodology : .31
3 .1 Research Design 3 1
3 .2 Area of Study .31
3.3 Scope of the Study .32
Population of the Study 32
Sample and Sampling Techniques 33
Data Collection Procedure 33
Instrument (s) 34
Validity and Reliability 34
Administration .35
Data Analysis Procedure 35
Chapter Four
4.0 Results and Discussion 37
4.1 Data Analysis 37
4.2 Hypothesis Testing .42
4.2. l Testing Hypothesis l .42
4.2.2 Testing Hypothesis 2 .44
4.2.3 Testing Hypothesis 3 .46
Chapter Five
5.1 Summary and Discussion of Findings .48
5.2 Conclusion 50
5.3 Recommendations 51
Bibliography
Glossary
OKECHUKWU, M (2020). ROLE OF ACCOUNTING SYSTEM AND REPORTING PRACTICE IN THE OIL AND GAS INDUSTRY (A STUDY OF MOBILE PRODUCING NIGERIA). Repository.mouau.edu.ng: Retrieved Dec 23, 2024, from https://repository.mouau.edu.ng/work/view/role-of-accounting-system-and-reporting-practice-in-the-oil-and-gas-industry-a-study-of-mobile-producing-nigeria
MOUAU/04/4885, OKECHUKWU. "ROLE OF ACCOUNTING SYSTEM AND REPORTING PRACTICE IN THE OIL AND GAS INDUSTRY (A STUDY OF MOBILE PRODUCING NIGERIA)" Repository.mouau.edu.ng. Repository.mouau.edu.ng, 25 Mar. 2020, https://repository.mouau.edu.ng/work/view/role-of-accounting-system-and-reporting-practice-in-the-oil-and-gas-industry-a-study-of-mobile-producing-nigeria. Accessed 23 Dec. 2024.
MOUAU/04/4885, OKECHUKWU. "ROLE OF ACCOUNTING SYSTEM AND REPORTING PRACTICE IN THE OIL AND GAS INDUSTRY (A STUDY OF MOBILE PRODUCING NIGERIA)". Repository.mouau.edu.ng, Repository.mouau.edu.ng, 25 Mar. 2020. Web. 23 Dec. 2024. < https://repository.mouau.edu.ng/work/view/role-of-accounting-system-and-reporting-practice-in-the-oil-and-gas-industry-a-study-of-mobile-producing-nigeria >.
MOUAU/04/4885, OKECHUKWU. "ROLE OF ACCOUNTING SYSTEM AND REPORTING PRACTICE IN THE OIL AND GAS INDUSTRY (A STUDY OF MOBILE PRODUCING NIGERIA)" Repository.mouau.edu.ng (2020). Accessed 23 Dec. 2024. https://repository.mouau.edu.ng/work/view/role-of-accounting-system-and-reporting-practice-in-the-oil-and-gas-industry-a-study-of-mobile-producing-nigeria