Statement I: Mrs. Ursula K Hicks stated that, "Private finance whether of firms of individuals, starts with a given income plan as a framework within which expenditure must be planned: public finance, on the contrary, starts with a given expenditure plan and the authorities adjust their income by means of taxes and resources to match the expenditure"

Statement II: Prof. Shiras pointed Out that "public authorities differ from private expenditure in that the former should balance income and should not necessarily seek a profit in the manner that an individual would"

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