Describe meaning and the component of a financial reporting

Assignment Help Finance Basics
Reference no: EM13857869

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

o Explain the similarities and differences of the two budgets

· Give an example of budget guidelines that ICBI should follow in order to successfully plan.

o Identify and describe at least 5 basic budget guidelines.

Reference no: EM13857869

Questions Cloud

Compare the calculated financial ratios against the industry : Compare the calculated financial ratios against the industry benchmarks
Who is your customer : After reading this, let us rethink which 1% should Ritz Carlton focus if they were not satisfied, or should the store focus on Rita who spends $75 every week
Write feedback paper about case study mission and governance : Write a feedback paper about the case study "Mission and Governance".
Is the contracts assumption about the average labour : You are in charge of a large assembly shop that specializes in contract assignments. One of your customers has promised to award you a large contract for the assembly of 16 units of a new product. What is the total amount of hours to assemble the 16 ..
Describe meaning and the component of a financial reporting : Describe the meaning and the components of a financial reporting system
Draw the cash-flow diagram the end-of-period convention : A company expects to realize a revenue of RM100,000 during the first year starting now from the sale of a new product. Sales are expected to decrease gradually with uniform gradient due to competition to a level of RM 47,500 on the eighth year fro..
Source of capital weightlong-term debt : Source of Capital WeightLong-Term Debt 25% Preferred Stock 20% Common Stock 55% Debt:(Debt issued with a coupon interest rate of 15%. The bonds have a 10-year maturityand a $1000 face value, and they will be sold to net $980 after issue costs. Margin..
What is the company''s cash conversion cycle? : Calculate production cycle (also called Days of Sales in Inventory), collection cycle (also called Number of Days of Credit or Days of Sales Outstanding), and accounts payable cycle (also called Days of Payable Outstanding). You should show your w..
Describe briefly the target market for your product : Target Market: Describe briefly the target market for your product/service in terms of demographics, psychographics, behavioral and geographic characteristics

Reviews

Write a Review

Finance Basics Questions & Answers

  Describe capital structure

Mary Francis has just returned to her office after attending preliminary discussions with investment bankers. Describe capital structure.

  Financial analyst with ace gadgets

A senior financial analyst with Ace Gadgets (AG) is attempting to get a better grasp on sales forecasting for AG's new franchises. She has obtained various details for 27 existing franchises including (see associated spreadsheet):

  Company hta had free cash flow for firm fcff of 1500000

company hta had a free cash flow for the firm fcff of 1500000 last year. it is expected the fcff will keep a

  Base case utilization and total cost characteristics

Bay Pines Medical Center estimates that a capitated population of 50,000 would have the following base case utilization and total cost characteristics:

  What is the length of the firm''s cash conversion cycle

What is the length of the firm's cash conversion cycle and What would happen to Saliford's cash conversion cycle if, on average, the length of time that products remain in inventory is shortened to 45 days?

  Capital cost allowance for machine

Your firm purchased a line of computer equipment for $1.5M four years ago. It is assigned a CCA rate of 20% and the firm has a tax rate of 35%.

  Computation of net cash flow

Computation of net cash flow and An analyst has collected the following information for Gilligan Grocers

  Capital structure decisions-key information

Elephant Books sells paperback books for $7 each. The variable cost per book is $5. At current annual sales of 200,000 books, the publisher is just breaking even.

  Preliminary discussions with investment bankers

Mary Francis has just returned to her office after attending preliminary discussions with investment bankers. Her last meeting regarding the intended capital structure of Apix went well, and she calls you into her office to discuss the next steps.

  Forecast the spot rate

Suppose that the forward rate is used to forecast the spot rate. The forward rate of Canadian dollar contains a 6 percent discount.

  Assume the project sponsor within a major corporation has

assume the project sponsor within a major corporation has championed a project for the past year and the concept was

  What is primrose cash conversion cycle

If Primrose could lower its inventories and receivables by 9% each andincrease its payables by 9%, all without affecting sales or cost of goods sold, what would be the new CCC? Round your answer to two decimal places.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd