current account

Balance of Payments uses the _________ system of accounting.

• Single-entry

• Double-entry

• Cash basis

• Accrual basis

The components of a Balance of Payment account are ____________

• Capital Account

• Current Account

• Both a and b

• None of the above

The Balance of Payment account records the inflow of foreign exchange on the _______

• Debit side

• Credit side

• Both a and b

• None of the above

Import of machinery and equipment is recorded under __________ of the ______ account.

• Credit side, capital

• Debit side, capital

• Debit side, current

• Credit side, current

Gifts or grants received from outside the country get recorded under __________ of the ______ account

• Credit side, capital

• Debit side, capital

• Debit side, current

• Credit side, current