Professional Documents
Culture Documents
Report R183996X.1
Report R183996X.1
ZIMBABWE
FACULTY OF COMMERCE
DEPARTMENT OF ACCOUNTING
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DEDICATION
Affectionately, I dedicate this report to my beloved special family for all the great support they
offered me both financially and emotionally since I started this long academic journey. May the
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ACKNOWLEDGEMENTS
First and foremost, I would like to extend my sincere gratitude to the almighty lord for granting
me the power and strength to perform my duties during my work-related learning and the
I would also like thank the University of Zimbabwe for providing me with the opportunity to
taste the industrial waters before finally completing my degree program. This has helped me to
recognize the relevance of theory to practice and developed me personally in terms of personal
Further, the author would like to thank kratos contracting company for awarding her the
opportunity to study under the organization, and for committing their resources and personnel
towards the success of her work related period. This opportunity gave the auto again the
necessary for my future business endeavors and career as an accountant. Special thanks go to Mr.
F.J Kagura the financial accountant who was my immediate supervisor, Ms. E. Muteswa the
accountant assistant, Mr. .K .Moyo the finance manager for unwavering support he gave during
the industrial attachment, and the whole finance and accounting team I worked with during my
Though words can never fully describe my gratitude would like to thank my mother and family
for the financial support, their continued support, and guidance throughout my work-related
learning period, and my tenure at the University of Zimbabwe from the first year up to now.
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PREFACE
This document presents internal and external activities carried out at Kratos Contracting
Company Pvt ltd from the author’s perspective citing out information including the background
of the organisation, its organogram, the company's goals in the market, product information.
Kratos Contracting Company Pvt ltd has different operations and processes involved in the
contracting, buying, and selling of different Tobacco grades and types done to achieve high-
quality outcomes are also revealed. The consumer and the producer helped the author learn a lot
of stuff from their company during the period of stay. Auditing, developments, and
improvements in the accounting system were also factors with advantage to the student accounts
knowledge in the accounting field. Moreover, other skills like working under pressure with
minimum supervision, being competent, and teamwork were attained while working with Kratos
Contracting Company. This documented report narrates the different accounting processes
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FOREWORD
This Industrial attachment report has been compiled as an integral part of the attachment
program and is also considered to be an essential component for the fulfillment of the industrial
attachment requirements. The principal aim of the Industrial Attachment is to exhibit the writer`s
ability to apply her theoretical knowledge acquired at university in the work-related learning
period, which is a prerequisite in the acquisition of the Bachelor of Accountancy Honors Degree.
This attachment report seeks to give an investigative and personal outline of my work-related
learning experience that was acquired at Kratos Contracting Company from May 2020-
December 2020. Information contained in this report was acquired through my day to day
The report goes deeper to explore the activities in industry and how they correlate with academia
and possible steps that can be taken to harness the interactive effects that co-exist between the
I believe this report is going to pose a challenge to Academia and industry alike.
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ABBREVIATION OF TERMS
PV PAYMENT VOUCHER
FM FINANCE MANAGER
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CONTENTS
DEDICATION…………………………………………………………………………………………………………………………….I
ACKNOWLEDGEMENTS…………………………………………………………………………………………………….……..II
PREFACE……………………………………………………………………………………………………………………………….…III
FOREWORD……………………………………………………………………………………………………………………………..IV
ABBREVIATION…………………………………………………………………………………………………………………….….V
LIST OF DIAGRAMS………………………………………………………………………………………………………………….IX
EXECUTIVE SUMMARY…………………………………………………………………………………………………………….x
1.0 CHAPTER 1
1.1.2 LOCATION……………………………………………………………………………………………..3
1.2.1 MISSION………………………………………………………………………………………………..4
1.2.2 VISION…………………………………………………………………………………………………..4
1.3 PURPOSE………………………………………………………………………………………………………………4
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1.8 COMPANY PERFORMANCE ANALYSIS………………………………………………………………………12
2.0 CHAPTER 2
2.1.2 PROCUREMENT……………………………………………………………………………………………..16
2.1.3 AUDITING……………………………………………………………………………………………………..18
2.1.6 TAXATION……………………………………………………………………………………………………...19
3.0 CHAPTER 3
3.0 INTRODUCTION………………………………………………………………………………………………………….22
4.0 CHAPTER 4
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5.0 CHAPTER 5
5.2 RECOMMENDATIONS……………………………………………………………………….…………………………………30
5.3 CONCLUSION………………………………………………………………………………………………………………………….33
REFERENCE………………………………………………………………………………………………………………………………….34
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LIST OF DIAGRAMS
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EXECUTIVE SUMMARY
This report was written to give an account of the major activities undertaken, experience gained,
relevance of theory to practice and challenges faced by the student during the course of the
industrial attachment at Kratos Contracting Company in Harare. This report forms part of the
third year of the Bachelor of Accountancy Honors Degree which is written in compliance with
the requirements set out by the Department of Commerce of the University of Zimbabwe.
The report has been broken down into four chapters with each chapter dwelling on a particular
section of the industrial attachment and professional experience. The chapters consist of the
general background of KCC, special in-depth study of an elected aspect of the company, analysis
and evaluation of the company`s activities, personal evaluation of the industrial attachment itself,
relevance of theory to practice, experiences gained and challenges faced, and recommendations
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1.0 CHAPTER 1
This chapter is going to provide information on the history of Kratos Contracting Company.
The vision, mission statement, and core values of the firm. It will provide an insight into the
objectives and organizational structure of KCC as a new stand-alone company in the Tobacco
industry in Zimbabwe. The report will highlight the department that I have worked in as well
indicate the company's achievements and challenges, explain the link of theory with practice and
the knowledge I have gained. Lastly, I will highlight the problems I faced and recommendations.
Organisational Background
The Tobacco Company was founded in 2016 and is exclusively Zimbabwean owned by Mr.
T.Namusi and, Mr. Z Shamba.It is a subsidiary of the Tobacco Victory group of companies with
the other companies being Victory risky services and Avison. The company started off as a
partnership with its sister company Avison selling fertilisers and used to contract farmers only
not selling till 2019 when the founders thought of being a stand-alone company to contract, buy
and export tobacco. The company's headquarter is in Harare where the most buying and selling
process occurs and has got other floors in Rusape. Kratos Pvt Ltd has matured over the years
transforming itself into a stand-alone tobacco company, pushing through its competitors.
At first the company majored into small scale farmers on a legally basis to deliver tobacco. The
farmers are chosen from the taking after regions: Nyazura/Odzi, Macheke, Marondera, Mt
Darwin, Karoi, and Tengwe there's an inhabitant expansive scale tobacco farmer/ex-farmer who
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oversees the plot. KCC encourages the accumulation and distribution of inputs on credit counting
fuel (coal and diesel), ascribing financing (treat and chemicals), bundling materials,
administrations.
After the 2019 trial had promising results the company is expanding in the industry of buying
and exporting tobacco, because of its excellent grower recognition, Kratos Contracting Company
has some of the commercial farmers who are producing tobacco for the company beginning to
support small scale farmers around their farms. Quality operations management systems, it has a
strong Quality operations management system that guarantees growers that they had all inputs
and necessities that the farmer needs to produce quality tobacco for the buyers.
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Location and map
Fig 1.1
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Kratos Contracting Company is located in Harare Province, Southerton Industrial site,
approximately 14 km from the capital’s C.B.D. Its location was due to the abundance of space
Kratos Contracting Company (K.C.C) attempts to achieve its vision through the observation of
o Transparency
o Professionalism
o Innovation
o Integrity
o Reliability
o Fairness
1.2.4 Objective
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o Increase in profit margin
o Increase efficiency
1.2.5 Purpose
This tobacco contracting company offers the following services to its clients:
o Contracting farmers
o Buying tobacco
o Selling tobacco
o Exporting tobacco
The company is set up in a particular way such that a functional structure, to achieve distinctive
objectives and this structure of the organization makes a difference it advance toward finishing
their objectives. This way the company accomplishes higher deals and benefits by making a
difference the company assign roles, duties and supervision inside an association. It at that point
characterises each work, its capacities and where it reports to inside the association in executing
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Fig 1.3.1
CEO
GENERAL
MANAGER
STUDENTS
Operations department
This department advises and assists the General Manager in checking the quality of input raw
materials to ensure compliance with technical standards on chemical, physical and organoleptic
stated. The department liaises with TIMB that it may stand in-between the company and the
farmer to ensure fair play and contract the farmers to the TIMB.The operations team runs the
warehouses have the function of organizing, managing, maintaining quantity and quality of
tobacco and stores of the products. They as well keep precise records on stock input & output.
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The operations department is in charge of tobacco transportation and they group tobacco
according to the grades and weight. So they weigh each and every bale and the system will
charge for the selling and weighing using the weight of the bale, which is where their revenue
Centre. Moreover, it distributes inputs on credit including coal, chemicals, and fertilisers, trains
and helps the farmers planning and land preparation. They educate farmers on land preparation,
farming ways, the timing for fertilizer and curing, and in other relevant aspects such as irrigation
scheme to be used to avoid loss on revenue as it revenue centre depends on the outputs from the
This department bargain with the farmers coordinate. There are the one who communicates with
farmers helping them with information that they need. The customer care department receives
quires from the farmers and passes them to the accounts departments. More so they update
farmers Bank details into the ANT-MAC software spackages so that when farmers are getting
paid the accounting department will pick the Banking details from the system and help the
IT department is responsible for computer operations and other information technology within
the organization, at KCC the IT department provides all departments with the functionality they
need to perform their duties and enables the communication between employees by driving the
system (ANT-MAC) to be efficient in the flow of information if there are challenges within the
system the IT department is the one which communicates with the system programmer and if
there any changes they will update all computers system software.Moreso the department handle
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issues in maintaining networks such as when the network goes down they put the network back
up quickly or switch it over to another alternative network. Apparently from all those maintains
The department is concerned with the recruitment, selection and training of the personnel for all
the company’s SBU’s and departments. It also keeps the human resources personnel records.HR
Department has the function of advising and assisting the Board of Directors in handling and
o Policy initiation
o Performance appraisal
This department is headed by Mr. K.Moyo who is the finance manager at Kratos contracting
company (KCC). Its main focus is to provide support to other departments and make the
corporate goal reality. This department holds 2 sub-departments under it which are financial
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FINANCE &ACCOUNTS ORGANOGRAM
Fig 1.4.1
Finance
Manager
accounting Leaf
manager accounting
Manager
FFINANCIAL
financial ACCOUNTANT
accountant ASSISTANCE
Financial Accounting
This department is led by Mr. F.Kagura who has invaded the FKJ accounting system, the
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Main functions performed include:
o Bookkeeping
o Management of taxes
o Procurement
For the purposes of such computations, they use accounting packages such as Microsoft Excel,
FJK software, and ANT-Mac software. This helps in minimising mistakes by being able to
identify them easily and calculations involved in the cash flow of money hence making the work
much easier. The company provides the following information so that the work is processed,
The Leaf Accounts department is the main revenue centre department of the company business.
This department is headed by Mr. Masungo. The department account for all Green and dry
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Tobacco and payments processing to suppliers. It includes accounting for the Tobacco
throughout the value chain to shipment. Importing green data to the Leaf Accounts System daily
produces daily reports to all concerned on progressive purchases. Liaise with auction floors on
any missing or un-invoiced bales. Importing dry data in the Leaf accounting System produces
packed stock reports. Authorize floor invoices for payment to Auction Floors, check all
processing invoices from a service provider for correctness and forward them to Accounts for
payment.
Main Duties
o Costing for all packed tobacco, collect all charges for processing, green cost, material
during the season by producing quality reports. Summaries all green purchases for the
month, processed tobacco for the month and any other reports that may be required by the
Directors. Analysis of green and packed tobacco. Analyses information from TIMB and
Tobacco
o To ensure that statutory levies and charges are correctly computed and remitted
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1.5 Organisational Business
KCC engages in small scale farmers on a legally binding basis to produce tobacco. The
agriculturists are chosen from the taking after regions: Nyazura/Odzi, Macheke, Marondera, Mt
Darwin, Karoi and Tengwe there is an inhabitant large scale tobacco farmer/ex-farmer who
manages the scheme. Too, utilized in each zone are Irrigation system Director, Senior Leaf
justify to join the program within the regions of operation. The farmers utilize their claim arrive
and are helped in arranging, preparing, arrive arrangement; inputs on credit and in pertinent cases
can qualify for water system plot and horse shelter building credit. Adherence to attempted and
tried generation strategies is required by the company and non-performers without exceptional
circumstances are expelled from the program for non-performance or side offering. KCC
encourages the conglomeration and distribution of inputs on credit counting coal, chemicals and
composts. Because of its excellent grower recognition, KCC has some of the commercial farmers
who are producing tobacco for the company beginning to support small scale farmers around
their farms
Every Tobacco organisation needs to meet its expected target and satisfy their customers, hence
more tobacco is demanded. Kratos Contracting Company offers its services in buying and selling
of tobacco green leaf to every contract small scale farmers and trading companies locally and
internationally which is into tobacco business. Its main target markets are small, medium, newly
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1.7 Company Performance Analysis
According to KCC objective of being a stand-alone and growing checking with the previous
year, it has managed to have highly performed in succeeding with about 75% of what they
expected, KCC’s team is now highly experienced in the coordination and stimulation of local
commercial and small scale farmers whose farming experience dates way back from 1960’s. It
has increased its workforce ever since then and is still increasing from time to time. KCC’s now
has growers that are placed in deferring categories due to a number of factors ranging from
farming experience, credit history, and the number of years growing with the company. Basing
on these metrics the farmers are afforded applicable levels of the field to floor Support.
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2.0 CHAPTER 2
The organization offers a wide range of services and the writer during her period at Kratos
Tobacco Contracting Company managed to be part of the team that provides these services in
different departments. This chapter provides a description of all the duties executed by the writer
during her period at the attachment. The Accounting department uses the accounting process
flow which shows the procedures to be followed when an accounting transaction and shows who
does this and that. From that process chart, the author managed to do three-quarters of the duties.
The financial and accounting department is the biggest department at Kratos Contracting
Company (KCC) which may constitute about 30% of the workforce done. The head of the
financial accounting department is Mr. K. Moyo, assisted by Mr. F.Kagura who is my supervisor
during the period the writer was in this department. This writer managed to do the services listed
below:
o Credit control
o procurement
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o stores management
o grower accounting
o management accounts
o tax accounts
The writer managed to be able to learn most of the financial department activities and services in
a company, the duties that were exercised except for tax accounting the jobs are as follows:-
o ledgers
Prepared the payment vouchers posting transactions to their relevant ledger accounts these PV’S
include refunds which we put into trade debtors accounts, creditors under trade creditors account,
transporters fall under other creditors as well as company expenses .the PV consists of the
amount on the request and the amount on the POP and a narration column as well as comment
section in case if there is additional information which affects the ledger. Taking the double entry
system into consideration. I was able to the ledger for receipts, when a certain farmer or debtor
owed us and pays I would use the FJK system to credit the amount to erase the owing or to
reduce the owing amount, after that we could charge the stop orders of the current season.
o filing
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The author managed to file documents such as invoices, requisitions, stop orders, and contracting
forms these were done to keep them safe, for auditing purposes and as proof when there is
something not counting up. More so, the student was registering requisition and contract forms
section including checking; authorization, existence, and validity of documents and payments,
payments are supported by valid Suppliers’ Invoices, expenses are correctly classified and posted
o Data capturing
After verifying the source documents, data capturing now begins. ANT-Mac and FJK is the
accounting software that is used at Kratos so all the data capturing is done in the FJK and ANT-
Mac system. Stop orders, tickets, sales, debtors bank details accounts, receipts and flimsy tickets
are captured then ANT-Mac aggregates them to their specific accounts so as to come up with
The writer learned how to check if all documents such as requisitions, seller sheets, payment
vouchers, payment schedule, invoices and stop orders are backed up and if they're not the author
would create backups and export them in the system. The backup document should have all
details including date and time and narration of transactions vividly and exactly as it is on the
physical copy.
2.1.2 PROCUREMENT
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The writer managed to do procurement, where she receives purchase requisitions from any
department of the smallest amounts without compromising quality and get quotations from the
suppliers. One selects a suitable supplier from those quotations and issue an order to the selected
supplier for him to supply the goods. Prepared a comparative schedule where she could justify
why she chooses the supplier and hand it over to the finance manager for authorization. If the
FM passes the requisition out the author would create a requisition form enquiring to purchase
the goods or services requested and respond to the supplier that has been chosen. She was also
ensuring that there are sufficient inventories kept in stores in order to prevent stock outs.
o Requisition
Under this the writer manages to make requisition for the company operating expenses and made
them getting them authorised, the request will first be signed by the one who made it followed by
the person who suggested the request, followed by my supervisor the head of the financial
department and lastly the finance manager then it goes for payment and it will be signed again
by the person who made the payment and writes date and time he or she paid the request
The writer put together all the documents required for making a request and if there were missing
documents the writer then could send emails to the department making the request requesting the
outstanding documents or information. If all the documents and information were available I
then make a request, sign the document indicating that I'm the one who made it, submit it to the
supervisor to check if all the information is adequate, the request is necessary and signs if he
agrees with everything and I, therefore, hand it over to the finance manager if the request is
o payment vouchers
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After the payment of the requisitions, the writer prepared the payment voucher document. She
major on the cash payment vouchers, the voucher document will consist of the requisition
number made for the payment to be made, the amount and currency to be paid and apart for the
one who is receiving the money to sign after he or she had received, the person who disbursed
cash and the authorised member .and the PV will be attached to the requisition for filing.
2.1.3 AUDITING
o System auditing
The author managed to do system auditing whereby we could compare physical seller’s vouchers
and the soft copy voucher from the system. We could do this to check arithmetical accuracy and
to avoid under or overcharging on the creditors. Furthermore the student managed to help the
internal auditors auditing the cash flow of United States dollars of the company using the bank
statements, sales sheets, requisitions made and reasons why they were being refunded by asking
questions to the ones who made the requisitions or checking the calculations. Framework
reviews were carried out on a week by week premise at the starting and slowly were carried out
related data yield to decide on the off chance that related comes about comply with input and
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The student also learned to do debtor age analysis. We use what is called a stop order. A stop
order is a legal document which is part of the contract form a debtor and a creditor both agree on,
that gives an organization the right to deduct money owed by a debtor from their sale,. This was
done through raising debtor’s invoices so that when they receive their seller’s vouchers they will
have an idea and understand the net payment. A debtor age analysis report was created to
ascertain debtors who still owed by grouping outstanding invoices by customer and date range.
This was done using the Ant-Mac system which consists of debtors reports that were used to
Under credit age analysis the author and weekly reports for them
The author managed to sort the creditor transactions into aging bonds by checking all the
requisitions that were made and proof of payment and create a reconciliation statement
comparing the total amount the entity had paid against the one which they were supposed to pay
from the system to check if we still have a balance owing to them, and in case we still have a
balance owing the writer would ask for the one making request to raise a request for the creditor
to erase the accrual amount. This activity was done quarterly per year and would help in
o Grower account
The author was able to update bank details for the creditors (growers) using the Ant-Mac system
so that the payment schedule generated would reflect them and also the sales sheet. This would
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add the effectiveness of payments to the creditors. Under this section, the writer was to verify the
payment schedule and check if the net payments and bank details are correct.
2.1.6 TAXATION
The writer was included within the computation, compiling, and preparation of VAT, QPDs,
withholding taxes, and PAYE (Pay as you earn). Reconcile the PAYE, VAT, QPD return utilizing
the bank statement against the initial return captured within the system (for the current period
being calculated for). She managed to e-file the records through scanning them, submitting the
scans to the management and uploading the VAT returns on Zimra Portal. Understanding of fiscal
tax invoices and the exempt and zero-rated supplies for VAT were. The mechanics of Esteem
Included Tax and the suggestions of corporate charge was a really crucial, valuable and pertinent
A tobacco contracting company issues inputs to the farmers which are very expensive, the author
was able to record the stock received and reconcile against what was purchased but not
delivered, monitoring and making sure that all stock is stored at a secured place, she managed to
issue office stationery inventories, producing daily stock covers for all strategic raw materials,
maintain stock records and inspecting goods received to meet the quality and quantity required.
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2.1.8 INTERCOMPANY ACCOUNTS
o Intercompany invoices
The student extracted the daily detail deduction reports and collect all inter-company charges,
Calculated the weekly amount due to the intercompany using Pivot tables in order to prepare the
intercompany invoices showing the amount to be paid and submit them for processing.
o Intercompany Reconciliations
Intercompany reconciliations were done to ensure that the balances of KCC agree with those of
its sister company (VRS). The balances show what Kato’s Contracting Company owes or is
owed by its sister company within the group. The balance must always agree. If the balances do
not agree, then investigations have to be done and the necessary measures taken to make the
balances agree. The balances on the intercompany reconciliations are cleared on a quarterly basis
and paid through invoices such as Tobacco levy, TTA, Buyer government levy, floor clearing,
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3.0 CHAPTER 3
3.0 Introduction
The chapter will centre on the student`s desires from the work related working environment upon
joining the organization. It moreover incorporates the experienced picked up and contributions
statements. This was so because at the University the author had been instructed to prepare the
arrangement of such statements ,moreover thought that were of small significance and was as it
The author had the recognition that directors were there to annoy subordinates and acting as
guard dogs as it were there to undermine and punish subordinates for any off-base done at work.
The author at that point came to figure it out that bosses are like your family, your partners you'll
be able giggle and share with individual problems, social stories, instructive and work challenges
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During the attachment period went through by the author at Kratos Contracting company, there
was was step for the development of the student`s career and to give the student a clear picture of
what the industry is like before actually joining the industry after graduating.
o Accounting Software
Upon commencement of attachment the student was already familiar with the ERP software,
Microsoft products ,however she had no idea on how to use and what pastel accounting software
and ANT-Mac system used in the tobacco industry ,never the less the tenure at Kratos
Contracting sharpened my computer skills and the knowledge on other accounting systems.
o Communication skills
Including to the communication aptitudes learned at school, the understudy had the opportunity
to communicate learn to be able to communicate with individuals at all levels of the organisation.
This made the writer`s certainty to be reinforced. The modes of communication more often than
o Teamwork
The writer came to appreciate the importance of teamwork through the experience at KCC.
Teamwork helps solving any problems and queries as you work together to achieve a common
o Preparing Reconciliations
prepared at the end of each and every month and are classified under three major categories
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which are intercompany reconciliations, investment reconciliations and general ledger
reconciliations.
4.0 CHAPTER 4
Introduction
The industrial attachment has proved to be useful and has so much contributed to the intellectual
development of the writer. This opportunity has given the writer an appreciation of how the
theory learned links to the practical work. The knowledge obtained from the university equipped
the writer with the skills that he managed to apply during her attachment period at Kratos
Contracting Company
The writer would like to make an appreciation that the theory learned at school agrees and relates
a lot to the practice. This has managed to make the writer able to copy and apply the knowledge
during her attachment. The following areas were applied during the attachment in relevance to
the theory:
We prepared contract forms which we offer to the farmers which consist of terms and conditions
such as inputs there will be supplied with, obligations of the growers, what happens if there is a
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breach of contract. If there is a breach of contracts depending on the side which is at fault the
other part may sue the other part which breached the contract and does not agree with the
The updated financial reporting framework and standards according to the recent International
Accounting Standards Board (IASB) was relevant. The International Accounting Standards
Board, I.A.S 1(revised version 1 January 2009) stipulates that in virtually all circumstances an
entity achieves a fair presentation by compliance with applicable I.F.R.Ss. The standards learned
such as IAS 2: Inventory valuation using FIFO method when recording and distributing inputs
and office stationery, IAS 7: Cash flow statements and IAS29- on daily activity to check if the
rate had changed and take it into effect if there any changes .taking into consideration
hyperinflation.
The student was able to attend to more complex accounting issues such as the use of accounting
standards in the preparation of ledger accounts such as operating lease and statutory.
In the business world today, the use of computerised financial and accounting systems is now the
norm. The skills learned in the first two years of the degree program, availed the writer
invaluable technical competence that enabled her to have an insight into the accounting package
that was used at Kratos Contracting Company under the accounting group. The use of accounting
packages was thoroughly taught in Accounting for Information Systems course and lessons on
how packages are the centre-piece of every office worker's tools of the trade. The writer had the
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Cost accounting
The theoretical knowledge learned at the university pertaining to this course was especially
relevant to the issuing and receiving of stock within the company and from the warehouse. It was
also applied in apportioning costs for different floors. The student managed to apply the
theoretical knowledge on cost accounting and control on the issuing and receiving stock of
Auditing
Seller’s sheets are inspected to see in the event that conclusions and intrigued charges were
carried out accurately against Installment plans to see in case the data is in line with the data on
the seller’s sheets, bank subtle elements. On the off chance that data isn't palatable, work is done
to redress the error inside the framework. Internal auditors do department visits each month for
reviews. All printed material that's the essential record from each prepare stream is well recorded
for review trails. There are inner controls that have been set in put for security reasons, and
indeed the way stock is gotten at the distribution center. Security checks are done when stock is
gotten and issued as well on the transportation of tobacco on both floors and distribution center.
Communication skills
between the communicators. From the moment students go for business interviews and
presentations, they start applying the communication skills learned. Furthermore, communication
skills were helpful when attending to clients such as creditors and farmers. The penning of this
report was in accordance with the guidelines taught in the course of report writing.
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Communication Skills learned at the University of Zimbabwe helped the author to communicate
effectively with the supervisor and other staff members using various techniques like proxemics,
information to another.
Thus, it can be concluded without any shadow of scepticism that theory was relevant to practice
and it contributed immensely to the successful conduct of duties during the attachment period.
The American Institute of Certified Public Accountants has defined Financial Accounting as "the
art of recording, classifying and summarizing in a significant manner and in terms of money
transactions and events which in part, at least of a financial character, and interpreting the results
thereof
Inventory Valuation
Inventories are valued at the lower cost and net realizable value. The company values its
inventory at the lower of cost and net realizable value. And it uses FIFO as its inventory method
Net realizable value represents the estimated selling price of inventories less all estimated costs
necessary to make the sale. According to IAS 2 paragraph 9, “inventories shall be measured at
the lower of cost or net realizable value.” The company recommends that the valuation of closing
stocks to be the lower of its cost or net realizable value as stated in the standard. In compliance
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with Generally Accepted Accounting Practises (GAAP) only inventory in the saleable condition
is counted and included in the company inventory valuation figures. To avoid inventory loss the
company usually keeps few inputs in stock and the rest they collect from its suppliers when it is
about to be distributed.
Accounting concepts
Double entry concept – all the departments through coding of accounting source documents,
showed an appreciation of the double-entry principle which is the basis of all accounting which
says that for every transaction there are two accounts to be affected debit and a credit, this has
Prudence concept – the calculation of depreciation and of several other provisions which are
treated as expenses also proved the relevance of the prudence concept which says that losses
should be provided for as soon as they are realized so that profits are not overstated.
Accounting standards
The preparation of all accounting schedules and reports for the company clients at Kratos is
Standards. These proved relevant in the operations of the company in the valuation of trading
and non-trading stocks. It is also consistent in the use of its intercompany invoicing from one
period to another and this is under IAS 8 paragraph 13 which states that "An entity shall select
and apply its accounting policies consistently for similar transactions, other events and
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CHAPTER 5
o The writer noticed that it was a challenging experience getting used to different people
with different perceptions, values, norms, cultures and even behaviour. It took her time to
adjust to the industry life because of the above mentioned reasons. People in the industry
have different perceptions of student attachment such that some of them may regard it as
a waste of time teaching or training students their job. Some may not even take the
student's advice or contributions as a result the student would feel out of place, and would
o The writer faced a challenge in identifying the proper chain of command. This was
because of one superior whom I reported to everything and had no one to report too, the
superior was the finance executive, the accountant, the owner of the accounting package;
he was the one who does most of the jobs. This caused some confusion and
Interference by some senior workmates between the supervisor and the student
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o Some senior workmates would interfere when asking something from your boss in a
negative way which will make our supervisor too emotional and won't explain anything
understandable and it as well causes misunderstandings between the student and the
supervisor.
statements. This was so because at University the writer had been taught the preparation
of such statements, though the writer was one of the major pillars which a company laid
The writer would like to recommend KCC to keep up the good work of engaging students on
attachment as it affords the opportunity so desired by many university students to learn the
realities of the business world. This also builds a relationship between universities and KCC. The
writer benefited truly from this attachment period and would also wish her colleagues in
university the good fortune to benefit from being attached to KCC she did. However, the author
would like to recommend and make suggestions to the Kratos Contracting Company on other
Job Rotation
Job rotation. The company should ensure that all the students are rotated at the end of every six
months. This will familiarize the student with various units of the company and be able to
appreciate the relevance of theory to practice more. It also enables the student to be flexible in
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Students consideration
The organisation needs to understand that the theory of accounting students revolves around
financial statements and the report therefore they should let students participate in their creation
and analysis. The organisation should do away with its privacy policy when it comes to financial
Job description
The company should ensure that each student is given a job description. The job description will
help the student to know what is expected of her and at what time. Students will assume full
responsibility for their work and a sense of belonging. As a result, inefficiencies are minimized
hence the achievement of the organization`s goal and objectives without any compromise.
Motivational strategies
The company should increase their motivational strategies to avoid theft from all departments as
I noticed in the tobacco sector every department they have high chances of stealing and that all
departments rely on each other therefore the organisation should not rely on the economy taking
benefits of the economy and to meet its objective it should have knowledge of investing for more
returns. Moreover, the company should improve its Human resource policy whereby it forecasts
its future labour requirements in advance. This is to avoid understaffing especially during peak
The writer complements the whole project of work related learning implemented by the
university. However, there could be further improvements in relation to engaging the employers
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and the students soon after employment of students and precisely elaborating on the areas of
business the student should be exposed to and the durations per department.
The writer recommends that the University keep up the good work in its bid to produce captains
of the industry by securing attachment places for students when they can. Through the tireless
efforts of the ILO (Industrial Liaison Officer) and the Commerce Department, the writer was
accorded the chance to apply what was learned in the first two years of the Accounting degree
program. The University has actually bred an individual whom it can proudly call a product of
Accounting Packages
The writer appreciates the use of Pastel at university but would like to recommend that the
department should not only base with one accounting software package during the first two years
but change them on a semi-annual basis. The constant changing of the accounting packages will
enable the university to keep pace with changes in technology and adopting the accounting
The writer observed during attachment that some of the courses that are only done at part four of
the degree program are quite essential in the industry as their theoretical knowledge is widely
applied in the industry, for example, Corporate Governance, compliance, and statutory returns
and taxation which are only introduced in the final year when it is widely applied in industry.
Therefore, the writer recommends the university to consider introducing the introductory courses
of some of these courses in part two and at least give students a foundation of all the core courses
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at part two so that students can be able to apply this theoretical knowledge when they go to the
industrial attachment.
4.2 Conclusion
In all respects, this was a priceless experience that has developed the writer as an individual and
endowed her with a protestant work ethic, innovativeness, decision making skills, increased self-
confidence, competence and foresight. With these qualities, the writer has become better placed
to face the numerous challenges of the final year of study, her career and of her life as a whole.
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REFERENCE LIST
1. Wood, F. and Sangster, A. (2005) Business Accounting 1.10th edition, London: Prentice
Hall.
Publishers, Harare.
https://www2.deloitte.com/me/en/pages/audit/articles/ifrs-in-your-pocket.htm
4. Afonina A & Chalupský, V. (2012). The current strategic management tools and
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