The accounting procedure used for the balance of payments is based on
A)average costing.
B)double-entry bookkeeping.
C)net present value approach.
D)asset structure.

Question

Quizplus · Accepted Answer

The accounting procedure used for the balance of payments is based on double-entry bookkeeping, which records all financial transactions in two accounts (debit and credit) to ensure that the total amount of debits equals the total amount of credits. This helps to provide accuracy and consistency in the recording and reporting of international transactions.

The Accounting Procedure Used for the Balance of Payments Is