EVALUATION OF FINANCIAL REPORTING OF SELECTED PETROLEUM MARKETING COMPANIES

Well Research and Ready to use Master of Business Administration Complete Material, page number: 174, Department: MBA Accountancy

ABSTRACT

Financial report also known as the published corporate report could be seen as the prime formal methods by which companies communicate with their shareholders and other various user groups. Companies are compelled by law to prepare their financial reports according to the provisions of the minimum

disclosure requirement as has been laid down by the Companies and Allied Matters Act, 1990 However, inspite of the laid down promulgation (CAMA

1990), many companies have failed to supply sufficient and adequate accounting information in their published financial reports and this has led to poor performance and in some cases liquidation of many organizations. Moreover, many investors and various user groups have been misled by the insufficient and inadequate financial information in the investment decisions.

In view of the above, this work focused on the financial reporting under the Companies and Allied Matters Act of 1990 with a view of ascertaining whether companies have complied with the disclosure provisions of the CAMA, 1990 with regards to the contents of their financial statements. A case study of two petroleum marketing companies (Mobile oil Nigeria PIC and Texaco Nigeria Plc) both with area officer in Enugu was carried out as to ascertain whether these companies have complied with and adhered to the disclosure requirement of CAMA, 1990. Four research questions and two hypotheses were ' formulated. Data collection was made through the use of questionnaire, oral interviews and review of various books of accounts and records. Percentages, tables, bar charts, histogram, pie chart and chi-square were used for analysis.

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