Q. Consider the following statements regarding budgeting:
1.It refers to the estimation of receipts and expenses of the government over a specific period.
2.It involves estimation of availability of resources and their allocation to various activities based on predetermined priorities.
Which of the statements given above is/are correct?
Answer: C
Notes:
Explanation: Budgeting refers to the estimation of receipts and expenses of the government over a specific future period that is usually compiled and re-evaluated on a periodic basis.
It involves estimation of availability of resources and their allocation to various activities based on predetermined priorities.
Source: FORUMIAS
