-IN PART FULFILMENT

OF THE
ACCOUNTING
SYLLABUS
FOR
CARIBBEAN ADVANCED
PROFIENCY EXAM (CAPE)
FOR THE YEAR 2022-2023

Candidate Name: Akeem Ferguson

Form: Lower six (6)
Centre number:
Candidate number:
Unit:1
Teacher: Mrs. Russell Walker
Topic: An investigation into the Control Account of Grace Kennedy
School: Godfrey Stewart High School
Territory: Jamaica
 Table of content

Acknowledgement……………………………………….
Introduction………………………………………………
Aims and objectives………………………………………
Methodology……………....................................................
Lit review…………………………………………………
Presentation of data………………………………………
Analysis……………………………………………………
Evaluation………………………………………………….
Conclusion………………………........................................
Bibliography……………………………………………….
 Acknowledgement

The completion of this internal assessment could not have been possible without
the grace of God who kept me safe and gave me the faith to believe and push
further until this was completed. Also, the participation of my classmate and the
assistance of our teacher Mrs. Russell Walker was very useful. Their contribution
and effort are sincerely appreciated and acknowledged. I would like to express my
deep gratitude to my parents who has motivated me and supported me financially
to ensure that I came to school to complete this assessment.
 Introduction

Grace Kennedy Limited is one of the Caribbean’s largest conglomerates, with

several diversified companies in the Caribbean, Europe and North America. Their
vision statement is to be the number 1 Caribbean brand with Jamaican roots and a
global reach, by building on our core pillars of Foods and Financial Services to
provide strong returns to our shareholders and improve the quality of life of our
team members, customers and the communities we serve while their mission
statement is to support GraceKennedy as a corporate citizen by creating
environmentally sustainable programmes, promoting healthy lifestyles and
increasing access to education. They plan Shaping the Future. To be a Global
Consumer Group, delivering long-term consumer and shareholder value through
brand building and innovative solutions in food and financial services, provided by
highly skilled and motivated people.

Aims and objectives

Theme: An investigation into the control account in Grace Kennedy.

Aims:
 To gain knowledge and understanding towards the control account system in
the business

 The main purpose and the importance of the control account.

 To elaborate and discuss the principles of the control account.

Objectives:

 To understand the internal Control account.

 State the benefits of the internal control account.

 Understand the control necessary in the EDP environment and state the role
of an internal and external auditor.
 Methodology
The two types of methodology used to collect data is quantitative and qualitative.
Quantitative is the numeric result of collected data. The type of quantitative
method used is documentary research. Qualitative is a type of data that is non
numeric, can be observed, recorded and also the data that approximates and
characterizes. The type of qualitative method used is method of observation.

1. Documentary research

Documentary research is used to collect complement other means of

collecting and analyzing data, with a view to making the study object easier
to understand. Documentary research has a few drawbacks and advantages.

Some of these advantages are:

* Save time: it is time consuming Responses will not come in quickly as

expected but if you have all the reference documents available, research is
relatively quick.

* Inexpensive and economical: the data for the research is already

collected and published in either print or other forms. The researcher does
not need to spend money to gather data.

*Data readily available: The data is readily available in various sources

and you only need to know where to look and how to use it.
Some of these draw backs are:

*Limited data: the data is not always available, especially when you need
to cross-verify a theory.

*Incomplete documents: often documents can be incomplete and there is

possibility of knowing if it has the following information based on the topic
or subject.
 *Data out of context: Data that the researcher refers to may be out of
context and also may not line with the concept the researcher is typing to
study.

2. Method of observation

Method of observation is used to observe each and every change in the

gathering data based on the research the researcher is analyzing. Method of
observation also has a couple advantages and disadvantages. These are some
advantages:

*It is the simplest method in collecting data and does not require much
technical knowledge in gathering of data.

* It is mainly based on formulating hypothesis. By observing a phenomenon

continuously, the researcher will also get to see the changes and the different
flow in the gathering of data each hour.

The following disadvantages are:

 Some of the observed information gathered may not be validity after
observing the data for the research.
 The information that is being gathered may be slow to obtain, because of
lack of time and limited speed.
 Literature Review
A financial position is the current balance of the recorded assets, liabilities and
equity of an organization which is recorded in the balance sheet which is also one
of the financial statements. The main purpose of a financial position is to present
true information about the company’s assets, liabilities and equity, it also helps to
reveal the financial position of the company as at a particular date. Some
limitations of the financial position are that it can be wrong due to fraud, may not
be comparable and may not cover non-financial issues. This presentation will be
covering the effectiveness and the different changes in the Victoria mutual building
society financial position.
Firstly, according to the Jamaica observed business reporter Albion Robinson
which was published on June 21,2020, the Victoria mutual building society
(VMBS) as achieved $2.13 billion recorded profit for the financial year ended
December 31,2019, that represents a 101% increase when it’s compared with the
other previous years. The revenues for the following period were under review for
which were up by 12.5% that amounts for $9 billion which in comparison the total
assets stood at $244.81 billion with a 17% increase while its being differentiate
with the recorded from the accessible corresponding prior period. As the following
statistics has shown that only 101% of the company’s revenue and total assets for
the year increased.
Therefore, the financial position of the vmbs performance in 2019 was very strong
and they completed at a high successfully year in a lot of respect as the vmbs
executive officer (CEO) and president Courtney Campbell has declared at the
company’s 141st AGM in Kingston at the Pegasus hotel.
In addition, the financial position of vmbs as at December 31, 2019 which shows
that the effectiveness of the business financial performance was very positive
towards the company because they have gained a $2.13 billion profit within the
year which was slightly affected by the covid 19 pandemic but the business was
able to manage the crisis and enhance the business successfully with a bright and
strong outcome for that year along with the starting year.
Also, according to loop on May 28, 2020, Victoria mutual building society
released its results for the year ended December 31, 2020, which shows a net profit
of $2.64 billion with a 23% increase above the previous year. Therefore, the
company’s revenue increased by 31.9% to $14.96 billion, that was driven by a one-
off gain from the purchase of loan receivables under the national housing trust
(NHT) joint mortgage financial programmed. VMBS grows by $7.04 billion of
total assets to $251.81 billion, for which reflects the growth in both on and off-
balance sheet assets during the year.
However, the company issued over $14.52 billion in mortgages with a 24.76%
higher than the passable year. Furthermore, 424.95 billion was disbursed by the
organization in total loans which increase by 39.1% higher than the year 2019. As
the vm group president and CEO Courtney Campbell said, “that the company’s
commitment to mutually continues to be strong, as the business provides members
and clients with $365 million in benefits through discounted fees across several
products and services as well as lower mortgage and other loan rates.
Moreover, he also stated that the achievement in that year ended was “primarily
due to the unrelenting commitment of the VM team “as well” VM’s executive
team was proactive and ensure that even the dark clouds of covid 19 approached
Jamaica, for which a robust plan was being affected to minimize the impact on our
members, clients and team members.
Nevertheless, for the year ended December 13, 2020 the financial position of vmbs
continued to increase at 24.76% higher than 2019 financial position which shows
that the effectiveness of the financial performance from both years has been an
increasing in assets and revenues each month along with the vm company team has
been working and planning to improve the company’s financing due to the impact
of covid 19 from the year started 2019.
In closing the Victoria mutual building society financial position as shown that a
positive impact from the following years and also proven that the effectiveness of
financial statement for each year were strong and good effects towards the
company’s growth, along with the business should try and keep up the organization
financing goals and objectives for the upcoming years.