Question

discuss canon of public budget​

Answer 1

Answer:

A major canon of public expenditure is the canon of maximum social benefit. It implies that public expenditure should be incurred carefully and economically. Economy here means avoidance of extravagance and wastages in public spending. Public expenditure must be productive and efficient.

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Answer 2

Answer:

(a) A budget is balanced if during the budget period, revenue receipts are exactly equal to cost payments. ... (c) If revenue receipts for the budget period are less than cost payments, the difference is budget deficit. Therefore when government income and expenditure are not equal it is a case of unbalanced budget.