SSC MTS EXAM

Detailed explanation-1: -(1) The President shall in respect of every financial year cause to be laid before both the Houses of Parliament a statement of the estimated receipts and expenditure of the Government of India for that year, in this Part referred to as the “annual financial statement”.

Detailed explanation-2: -The correct answer is Budget. The budget is also referred to as the Annual Financial Statement in Article 112 of the Constitution of India. The Union Budget is the annual financial statement that contains the government’s revenue and expenditure for a fiscal year.

Detailed explanation-3: -Directors prepare financial statements, audit committees monitor the integrity of financial information. Auditors audit the financial statements and perform other procedures on other parts of the annual report. Auditors report various matters to the audit committee.