Given below are two statements, Statement one is labelled as Assertion (A) and the other is labelled as Reason (R).

Assertion (A): A budget is a balanced estimate of expenditures and receipts of a given period of time.

Reason (R): In the hands of an educational administrator, the budget is a record of past performance, a method of current control and a projection of future plans.

In the light of the above statements, select your answer from the option given below:

1
Both (A) and (B) are true and (R) is the correct explanation of (A)
2
Both (A) and (R) are true and (R) is not the correct explanation of (A)
3
(A) is true, (R) is false
4
(A) is false, but (R) is true

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