ECONOMICS
BALANCE OF PAYMENTS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Current account
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Capital account
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Debt account
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Official reserves account
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Detailed explanation-1: -The Balance of Payments (BOP) is a statistical statement that systematically summarises, over a given period of time, all the transactions of an economy with the rest of the world. The BOP records all economic transactions undertaken between the residents and non-residents of a country during a given period.
Detailed explanation-2: -What is the balance of payments? The Balance of Payments (BOP) is a statement recording all the financial transactions made between the residents of a country and the rest of the world over a certain period.
Detailed explanation-3: -The balance of payments is a system of recording transactions that happen between countries. Any movement of money into, or out of, a country has to be accounted for.
Detailed explanation-4: -The current account measures international trade of goods and services plus net income and transfer payments. The financial account is a measurement of increases or decreases in international ownership of assets.