What Is BUDGET And It's Classification? || Balanced Budget & Imbalanced Budget|| Significance Of Budget
What Is BUDGET And It's Classification? || Balanced Budget & Imbalanced Budget|| Significance Of Budget A budget is a detailed account of the probable revenue and expenditure of the government for a particular period usually in a financial year. At the beginning of each financial year, a statement is prepared of the amount of money the government will spend on various sectors or incur the expenditure by collecting money from sources. This statement shows the income account on one side and the expenditure account on the other. The budget records various public welfare schemes and the income and expenditure of infrastructure. Budget can generally be divided into two parts. namely Completed Budget and Unequal Budget or Balanced Budget. Based on the nature of revenue and expenditure, the budget has two parts, one is the revenue budget and the other is the capital budget. A ...