The Idol Spot

  WHAT IS A BUDGET? A budget is made to get an estimate of income and expenditure. It is different from an account which is a recording of a financial transaction. The budget is an extremely vital part of the economy of any nation since it helps in planning and controlling its financial affairs. The need for a government budget arises from the fact that income and expenditure do not happen at the same time. A revenue receipt and expenditure flow do not coincide in time.  GOVERNMENT BUDGET A government budget is made to approach and address the needs and issues of a country. It is an annual financial statement where an itemized estimate of revenue expected and expenditure anticipated are listed for the current fiscal year which runs from April 1 of one year to March 31 of the next year.  Elements of government budget :   1. Public Expenditure:  A national budget authorizes public expenditures under two categories: Government purchase of goods and services to serv...

Development should be viewed as a process rather than a finished result. Societies are in constant flux. Others succeed, while others fail. The goal of development theory is to explain both processes. The goal of development practice is to give tools that may be used throughout entire civilizations or communities. Such interventions aim to transfer communities or societies from a state where they are thought to be in poorer shape to a state where they are thought to be in better shape. The provision of aid in cases of violent conflict is emphasised in current linkages between development and conflict theory. Following violent conflicts, peacebuilding efforts address the same challenges as development interventions. Where the physical and social landscape has been devastated, development is at the heart of post-conflict interventions. In such circumstances, aid with development is provided.  DEVELOPMENT: 'Development,' as we perceive it, has multiple dimensions. Economic develop...

The ultimate standard for leadership has become authenticity. However, a misunderstanding of what it signifies might stifle your progress and limit your influence. We tend to use authenticity as an explanation for sticking with what's comfortable because going against our natural impulses might make us feel like impostors. However, few occupations allow us to do so for an extended period. This is especially true as we develop in our occupations and as needs and expectations change.  To succeed in our careers, we must all step outside of our comfort zones. At the same time, they elicit a powerful counter-instinct to preserve our identities: We typically resort to familiar behaviours and patterns when we are unsure of ourselves or our abilities to perform effectively or measure up in a new context. The situations that test our sense of self the most are the ones that may teach us the most about effective leadership. We may establish a personal style that feels right to us and matches...

As many prominent firms continue to be tarnished by a slew of scandals and frauds, business ethics is critical. Corporate fraud results in the loss of a company's market capitalization and brand image. They are disturbingly common in a variety of countries and sectors of the economy. Corporate fraud has a long and tumultuous history in India. For decades, ethics has been a grey area in Indian corporations. As competition has become stronger over time, organizational structures have been increasingly fragmented, resulting in a lack of internal control within organizations. As a result, the number of large and small corporate frauds has increased. To combat this threat, early detection is becoming increasingly vital. According to a PWC survey, internal controls, internal and external audits, compliance programs, and a code of ethics have all been implemented to combat fraud. In India, corporate fraud has increased dramatically in the past few years, and firms, strangely, believe it i...