You were recently hired as management director of the new I Can Business Incorporated (ICBI). You have been asked to establish policies and systems for the business. The first one you choose to work on is a financial reporting system.

For this assignment, you must develop a memo that you will deliver to the board of directors of ICBI. You will describe what a financial reporting system is and describe how management of ICBI should use an activity based budget instead of an operating budget. Be sure to describe the similarities and the differences of the two. Finally, give exs of budget guidelines for ICBI. You must answer the following problems:

Describe the meaning and the components of a financial reporting system.

prepare a description of how management should use an activity based budget instead of an operating budget

describe the similarities and differences of the two budgets

Give an ex of budget guidelines that ICBI should follow in order to successfully plan.

Identify and describe at least five (5) basic budget guidelines.

Remember to use the library or other credible resources to support your argument. Be sure to cite your sources using the correct standard of APA.