A statistical discrepancy is the entry made in a nation's balance of payments to make total credits equal to total debits,as required by double-entry bookkeeping.

Question

Quizplus · Accepted Answer

This statement is true. A statistical discrepancy is a balancing item that is added to a nation's balance of payments to ensure that total credits equal total debits. This helps to make the accounting entries consistent with the principles of double-entry bookkeeping, which requires that every transaction have an equal and opposite effect on both sides of the account. The statistical discrepancy represents the difference between the reported data and the actual data, and is often the result of errors, omissions, or differences in timing between the recording of transactions.

A Statistical Discrepancy Is the Entry Made in a Nation's