Budget 2022: What is the difference between Budget and Statement of Accounts- Watch Video

Publish Date: 19 Jan, 2022 |
 

What is a statement of accounts?

A statement of accounts is a document that reflects all transactions for a given period of time. Usually, the business owners send statements of accounts to their customers to let them know how much they owe for sales that took place on credit during that period.

Components of Statements of Account

  • Overall Balance- This might be positive if the country has no debt or negative if the country has a debt crisis.

  • Date Range- Statement of an account covers a specific period of time, maybe a month or a week.

  • Every transaction- It has an account of every economic transaction.

Statements of Account helps in calculating an outstanding account balance and remind the country to pay the debt crisis. 

 

What is a Budget of a Country?

 

A government budget or union budget is a document prepared by the government and/or other political entity presenting its anticipated tax revenues (Inheritance tax, income tax, corporation tax, import taxes) and proposed spending/expenditure. The expenditure includes Healthcare, Education, Defence, Roads, State benefits for the coming financial year.

 

 

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