What is the bookkeeping system for recording all receipts and payments that have a direct bearing on the movement of funds between a nation and foreign countries?

Question

Quizplus · Accepted Answer

The balance of payments is the bookkeeping system that records all receipts and payments that have a direct bearing on the movement of funds between a nation and foreign countries. The current account and capital account are two components of the balance of payments, but they do not encompass all transactions. The trade balance only records the value of a country's exports and imports of goods.

What Is the Bookkeeping System for Recording All Receipts and Payments