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Explain budget system and budget cycle. Please explain Budget Cycle and bydget system. The budget cycle is primarily divided into four phases: 1.Budget Preparation 2.Budget

Explain budget system and budget cycle. Please explain Budget Cycle and bydget system.

The budget cycle is primarily divided into four phases:

1.Budget Preparation

2.Budget Legislation

3.Budget Execution

4.Budget Audit and Evaluation

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