I. It is a statement of financial position for a future period, setting out proposed expenditure and means of financing it.
II. Article 111 of the Constitution requires the government to present to Parliament a statement of estimated receipts and expenditure in respect of every financial year.
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Question

Which of the following statement is correct about Budget?
I. It is a statement of financial position for a future period, setting out proposed expenditure and means of financing it.
II. Article 111 of the Constitution requires the government to present to Parliament a statement of estimated receipts and expenditure in respect of every financial year.
Select correct one:

[A] Only I
[B] Only II
[C] Both I & II
[D] Neither I nor II
Answer & Explanation

Answer: Only I

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