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Question
Define or explain the following concept :
Budget .
Solution
Definitions of Budget :
(i) According to Prof. Johnson, “A state budget is a statement of the states estimated income and expenditure in a commencing period usually one year”.
(ii) According to Prof. Dimock, “Balanced estimate of expenditure and receipt for the given period of time”. The word Budget is derived from the French word ‘Bougette’ which means a bag or a wallet containing financial proposals. These financial proposals are in the form of the government’s revenue and expenditure. The government budget is an annual statement of ‘collection of revenue’ and ‘Payments on
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