Question

Identify the features pertaining to annual budget.

• A. Statement of expected income of the government
• B. Statement of expected expenses of the government
• C. Starts on 1 April and ends on 31 March
• D. Starts on 1 January and ends on 31 December

Answer 1

Answer: (A), (B), (C)

Starts on 1 April and ends on 31 March

An annual budget is a financial statement showing the expected income and expenditure of the government. This is a statement for a financial year that starts on 1 April and ends on 31 March of the next year. Taxes are imposed based on the fixed annual budget.