MANAGEMENT

Detailed explanation-1: -Balance of payments is a summary of transactions between domestic and foreign residents for a specific country over a specified period of time. The flow of funds resulting from the sale of assets between one specified country and all other countries over a specified period of time.

Detailed explanation-2: -The Balance of Payments (BOP) is a summary of the economic transactions of a country with the rest of the world for a specific period. It serves as an accounting statement on the economic dealings between residents of the country and non-residents.

Detailed explanation-3: -The balance of payments (BOP), also known as the balance of international payments, is a statement of all transactions made between entities in one country and the rest of the world over a defined period, such as a quarter or a year.

Detailed explanation-4: -The Balance of Payments (BOP) systematically summarizes all economic transactions between the residents and the non-residents of a country or of an economic area during a given period.

Detailed explanation-5: -The balance of payments (BOP) is the record of all international financial transactions made by the residents of a country. There are three main categories of the BOP: the current account, the capital account, and the financial account.