Question

Which of the following defines the concept of Balance of Payments most appropriately?

Q: Answer-Which of the following defines the concept of Balance of Payments most appropriately?

It records the transactions in goods, services and assets between residents of a country with the rest of the world for a specified time period typically a year There are two main accounts in the BoP the current account and the capital account. The current account records exports and imports in goods and services and transfer payments.