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