1.

State the main elements of budget.

Answer»

Main elements of the budget:

  • It is a statement of estimates of government receipts and expenditures.
  • Budget estimates are for a fixed period, generally a year.
  • The objective of budget of any government is economic development of the region and public welfare.
  • A budget must be approved by Lok Sabha or Assembly or some such public body before its implementation.
  • Usually the finance minister of the country, state-or the head of the governing body declares the budget.


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