Which of the following is the difference between public and private finance?

Efficient management

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Limited resources

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Income expenditure

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Secrecy and audit

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Solution

The correct option is D
Secrecy and audit

Secrecy prevails in private finance while public finance is open to all. Accounts of the public authorities are subject to audit and inspections, while audit is not always compulsory and necessary for private individuals.

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Which one of the following is the similarity between public and private finance?

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