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 4-5 page memo that you will deliver to the board of directors ICBI. You will describe what a financial reporting system is and explain how management of ICBI should use an activity based budget instead of an operating budget. Be sure to explain the similarites and the difference of the two. Finally, give examples of budget guideline of ICBI. You must answer the following questions:

- describe the meaning and the componets of a financial reporting system

- Explain the budget cycle and process

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

- explain the simliarities and differences of the two budgets

-give an example of budget guideline that ICBi should follow in order to successfully plan

- Identify and describe at least 5 budge guidelines