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.

material is needed todevelop a 4to5- pg memo that you will deliver to the ICBI Board of Directors.

Describing what a financial reporting system is and explaining how the management team at ICBI should use an activity-based budget instead of an operating budget.

Also explaining the similarities and the differences of the two.

With examples of budget guidelines for ICBI discuss the following:

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

Explain the budget process. Describe a budget contingency plan. Discuss examples of financial guidelines that ICBI should follow to successfully plan for finance management. Identify and explain 5 basic financial guidelines.