Q.1 Study the following situations & express your opinion: (8) Situation-1: The word “Budget is derived from the French word "Bougette', which means a bag or a wallet containing the financial proposals. These financial proposals are in the form of the government expenditure and revenue. Budget is an important instrument of financial administration through which all the financial affairs of the state are regulated. Budget is a financial statement showing the expected receipts and proposed expenditures of the government in the coming financial year. In India, a financial year is from 1st April to 31st March. Questions: (1) Define budget. (2) Give your opinion about budget.
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Explanation:
1) Budget - derived from the French word Bougette - is a financial statement showing the expected receipts and proposed expenditures of the government in the coming financial year
2) Budget is an important instrument of financial administration through which all the financial affairs of the state are regulated
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