AN APPRAISAL OF COST ACCOUNTING FOR ENERGY AND UTILITIES INDUSTRIES
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Abstract: AN APPRAISAL OF COST ACCOUNTING FOR ENERGY AND UTILITIES INDUSTRIES
This research appraises the role of cost accounting in the energy and utilities industries in Abuja. The study's objectives are to evaluate the effectiveness of cost accounting practices, assess their impact on financial performance, and identify the challenges faced during implementation. A survey design was utilized, gathering data from 200 financial managers and cost accountants in energy and utilities companies, derived using Taro Yamane's formula. A case study of a major energy company in Abuja provided detailed insights. The reliability coefficient score was 0.86. Findings reveal that cost accounting plays a crucial role in financial management by providing detailed cost information, facilitating better pricing decisions, and enhancing transparency. However, challenges such as complex regulatory requirements and high implementation costs were identified. Recommendations include providing more training on cost accounting for energy and utilities professionals, simplifying regulatory compliance processes, and integrating cost accounting with overall financial management practices to improve efficiency and performance.
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