The balance of payments is an accounting statement known as a:
A) trial balance.
B) depreciation account.
C) balance sheet.
D) trade account.
E) reconciliation statement.

Question

Quizplus · Accepted Answer

The balance of payments is an accounting statement that records all economic transactions that take place between residents of one country and residents of all other countries during a given period. It is essentially a summary of a country's transactions with other countries, including imports and exports of goods and services, financial transactions, and transfers of capital. It is commonly presented in the form of a balance sheet, with a record of all inflows and outflows of money or capital.

The Balance of Payments Is an Accounting Statement Known as A