Pick out the correct sequence of constituents of Balance of Payment Summary from the following: 1.…
The sequence is current account, capital account, errors and omissions, and reserve account. The first two record the principal transactions, errors and omissions reconcile…
Choose your answer
Pick out the correct sequence of constituents of Balance of Payment Summary from the following:
1. Error and omission
2. Reserve account
3. Capital account
4. Current account
Answer and explanation
Correct answer B
The sequence is current account, capital account, errors and omissions, and reserve account. The first two record the principal transactions, errors and omissions reconcile discrepancies, and reserve movements complete this conventional summary.
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Kerala SET (LBS Centre)