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 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: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.