Assignment Type:Individual Project Deliverable
Length:3–4 pages Points Possible:125
Due...

Question

Assignment Type:Individual Project Deliverable 
Length:3–4 pages Points Possible:125 
 Due Date:1/27/2013 11:59:59 PM CT  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 explain how management of 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 questions:

Describe the meaning and the components of a financial reporting 
system.
Write a description of how management should use an activity based budget 
instead of an operating budget

Explain the similarities and differences of the two budgets
Give an example 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.

David · Accepted Answer

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 explain how 
management of 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 questions: 
 Describe the meaning and the components of a financial reporting system. 
 Write a description of how management should use an activity based budget instead 
of an operating budget 
 Explain the similarities and differences of the two budgets 
 Give an example 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. 
Solution: 
Describe the meaning and the components of a financial reporting system. 
Financial reporting system is a set of rules and regulation which helps the company’s to report its 
financial information to its shareholders in a uniform manner. Following are the components of 
financial reporting system –  
 Accounting Standards 
 Generally Accepted Accounting Principles 
 Principles and Conventions
Write a description of how management should use an activity based budget instead of an 
operating budget 
Activity based costing is an alternative method of overhead allocation.

Assignment Type: Individual Project Deliverable Length: 3–4 pages Points Possible: 125 Due Date: 1/27/2013 11:59:59 PM CT You were recently hired as management director of the new I Can Business...

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