{"id":71767,"date":"2020-12-02T17:00:27","date_gmt":"2020-12-02T11:30:27","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=71767"},"modified":"2021-01-07T16:51:16","modified_gmt":"2021-01-07T11:21:16","slug":"principles-and-objectives-of-budget","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/principles-and-objectives-of-budget\/","title":{"rendered":"Principles and Objectives of budget"},"content":{"rendered":"<h6>WHAT ARE THE PRINCIPLES OF BUDGET?<\/h6>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li><strong>Periodicity- <\/strong>Appropriation should be authorized for a definite period of time<\/li>\n<li><strong>Publicity- <\/strong>All stages of budget executive recommendation<strong>, <\/strong>legislative consideration and budget execution should be made public<\/li>\n<li><strong>Accuracy- <\/strong>Budget estimates should be as accurate as possible<\/li>\n<li><strong>Clarity- <\/strong>The budget should be understandable to every citizen<\/li>\n<li><strong>Comprehensiveness- <\/strong>The budget should contain expenditure and revenue on a gross basis and not on net basis<\/li>\n<li><strong>Unity- <\/strong>A<strong>ll <\/strong>receipts should be recovered into one general fund for financing all expenditure<\/li>\n<li><strong>Rule of lapse- <\/strong>This means that any part of the grant not spent within the financial year expires at its close and cannot be kept over for future<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h6>WHAT IS THE OBJECTIVE OF BUDGET?<\/h6>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li><strong>Management- <\/strong>Budget helps in planning by providing information about expenditure and performance. It also helps in coordination of various activities of financial management by preventing duplication and waste.<\/li>\n<li><strong>Socio-economic change- <\/strong>Social change through progressive taxation eg. more tax on luxury items. Economic change through differential taxation e.g. reduce tax on cloth to promote textile industry.<\/li>\n<li><strong>Legislative control- <\/strong>Budget ensures legislative control over executive through debate and discussion on budgets, cut motions, enactment process etc.<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>WHAT ARE THE PRINCIPLES OF BUDGET? Periodicity- Appropriation should be authorized for a definite period of time Publicity- All stages of budget executive recommendation, legislative consideration and budget execution should be made public Accuracy- Budget estimates should be as accurate as possible Clarity- The budget should be understandable to every citizen Comprehensiveness- The budget should&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/principles-and-objectives-of-budget\/\">Continue reading <span class=\"screen-reader-text\">Principles and Objectives of budget<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-71767","post","type-post","status-publish","format-standard","hentry","category-economy-2","entry"],"jetpack_featured_media_url":"","views":{"total":38,"cached_at":1698385561,"cached_date":1698459949},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/71767","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=71767"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/71767\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=71767"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=71767"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=71767"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}