Assignment DetailsYou 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 ICBI Board of Directors. You will describe what a financial reporting system is and explain how the management team at ICBI should use an activity-based budget instead of an operating budget. Be sure to explain the similarities and the differences of the two. Finally, give examples of budget guidelines for ICBI. You must answer the following:
1.Describe a meaning and components of a financial reporting system.2.Explain the budget process.3.Describe a budget contingency Plan4.Give an examples of successfully plan for finance management5.Identify and describes at least 5 basic financial guidelines
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