An accounting record of the transactions between the residents of one country and the residents of the rest of the world is called the

Question

Quizplus · Accepted Answer

The balance of payments is a systematic record of all economic transactions between one country and the rest of the world during a given period of time, typically a year. It includes transactions in goods, services, and financial assets, as well as transfers such as foreign aid and remittances. The balance of payments is an important indicator of a country's international economic relationships and can provide insight into a country's overall economic performance. Option A is incorrect as there is no specific record called international transactions record. Option C is incorrect as it is an incomplete term. Option D is incorrect as it is not a commonly used term for such a record.

An Accounting Record of the Transactions Between the Residents of One