Describe the meaning and the components of a financial reporting system.
Which character resonates with you most in The Great Gatsby and why?
August 5, 2017An oxidation number describes the combining capability of one ion to another ion or of one atom to another atom. Which of the following statements regarding oxidation numbers is FALSE?
August 5, 2017You 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 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.
- 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 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 5 basic budget guidelines.
