Question

In the context of government budget, which of the following statements is correct?

Options

• Budget is a statement of expected annual receipts and expenditure.

• It is a detail of actual receipts and expenditures of the government in a financial year

• It offers a detailed description of achievements of the government during the 5 year plans

• It indicates BoP status of the economy

Answer 1

Budget is a statement of expected annual receipts and expenditure.