The ________ account records transactions involving the import and export of goods and services, income receipts on assets abroad, and income payments on foreign assets inside the country.
A) income receipts account
B) capital account
C) income payments account
D) current account

Question

Quizplus · Accepted Answer

The current account is the account that records transactions involving the import and export of goods and services, income receipts on assets abroad, and income payments on foreign assets inside the country. The income receipts account, capital account, and income payments account are other types of accounts used in international transactions, but they focus on different aspects of those transactions.

The ________ Account Records Transactions Involving the Import and Export