Question : Which of the following sentences is incorrect about the government budget?
Option 1: The government budget is a constitutional requirement in India.
Option 2: It is a statement of estimated receipts and expenditures of the government for the financial year.
Option 3: It comprises two accounts.
Option 4: It is a statement of receipts and expenditures incurred by the government.
Correct Answer: It is a statement of receipts and expenditures incurred by the government.
Solution : The correct option is It is a statement of receipts and expenditures incurred by the government.
An estimate of anticipated revenues and expenses for a specific fiscal year is what the government budget is, not a record of the government's actual profits and outlays. Pending income and expenses for the upcoming fiscal year are included in the budget, which acts as a financial framework for the government's operations.
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