- Revenue Budget: Deals with income and expenditure within the current year. - Capital Budget: Deals with creation/disposal of assets and liabilities with implications beyond the current year. - Budget Components: Both revenue and capital budgets have receipts and expenditure sides.
Which of the following statements are correct regarding Budget Procedure? 1. The revenue budget consists of transactions that have implications upto 1 year 2. The capital budget consists of transactions that have implications of more than 1 year 3. Revenue budget consists of revenue receipts as well as revenue expenditure, but Capital budget consists of expenditure only.
Asked in GPSC Prelims CSP 2 2021 · Topic: Fiscal Policy & Revenue (Government Budgeting: Structure, types, and implications)
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