GK
ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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____ is needed to balance the balance of payments statement.
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debit transactions
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credit transactions
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unilateral transfers
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statistical discrepancy
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Explanation:
Detailed explanation-1: -The balance of payments is a statistical statement that summarizes transactions between residents and nonresidents during a period. It consists of the goods and services account, the primary income account, the secondary income account, the capital account, and the financial account.
Detailed explanation-2: -In practice, statistical discrepancies arise due to the difficulty of accurately counting every transaction between an economy and the rest of the world, including discrepancies caused by foreign currency translations.
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