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Q: The annual financial statement prepared under Article 112 of the Constitution of India is called .............-
  • A. Public account
  • B. Consolidated account
  • C. Budget
  • D. Revenue Account
Correct Answer: Option C - The Annual financial statement prepared under Article - 112 of the Indian Constitution is called the Budget. Generally, the Budget includes the list of income and expenditure of revenue. On 7 April 1860, the first budget of the country was presented by James Wilson, Finance Minister of the British government. After Independence, the first budget of the country was presented by first Finance Minister R.K. Shanmukham Chetty on 26 November, 1947.
C. The Annual financial statement prepared under Article - 112 of the Indian Constitution is called the Budget. Generally, the Budget includes the list of income and expenditure of revenue. On 7 April 1860, the first budget of the country was presented by James Wilson, Finance Minister of the British government. After Independence, the first budget of the country was presented by first Finance Minister R.K. Shanmukham Chetty on 26 November, 1947.

Explanations:

The Annual financial statement prepared under Article - 112 of the Indian Constitution is called the Budget. Generally, the Budget includes the list of income and expenditure of revenue. On 7 April 1860, the first budget of the country was presented by James Wilson, Finance Minister of the British government. After Independence, the first budget of the country was presented by first Finance Minister R.K. Shanmukham Chetty on 26 November, 1947.