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1) It is a statement of expected revenue and proposed expenditure.
2)It is sanctioned by some authority.
3) It is periodicity, generally annual and
4) It prescribes the manner in which revenue is collected and expenditure is incurred.
5) Budget is prepared on cash basis.
6) Rule of lapse- All unutilized funds within the year ‘lapse’ at the end of the financial year.
7) Realistic Estimation.
8) Budget is on Gross/ Net basis.
9) Form of Estimate is to Correspond to Accounts.
10) Estimates to be on Departmental Basis.
Judiesiz answered the question on July 10, 2018 at 07:08
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