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Types of Budget

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Question

Choose the correct answer.

Statement I: A budget is the financial statement showing the expected income and expenditure of the government during a financial year.

Statement II: In India, the financial year starts on 1 March and ends on 31 April.

A

Both of the statements are correct.

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B

Both of the statements are incorrect.

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C

Statement I is correct, but statement II is incorrect.

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D

Statement I is incorrect, but statement II is correct.

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Solution

The correct option is C Statement I is correct, but statement II is incorrect.
A budget is the financial statement showing the expected income and expenditure of the government during a financial year. In India, the financial year starts on 1 April and ends on 31 March. It does not begin on 1 March and end on 31 April.

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