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

Question

Quizplus · Accepted Answer

The balance of payments is an accounting statement that represents the economic transactions between a country and the rest of the world over a certain period. It is similar to a balance sheet, but it records transactions with foreign countries rather than individual accounts. Therefore, the correct answer is (C) balance sheet.

The Balance of Payments Is an Accounting Statement Known as A