The Excess of Total Credits Over Total Debits in the Current

question 19

Multiple Choice

The excess of total credits over total debits in the current and private capital accounts is called

• A) BOP deficit.
• B) BOP surplus.
• C) official settlements account surplus.
• D) official reserve assets.

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Definitions:

Balance Sheet

A financial statement that gives a snapshot of a company's financial position at a specific point in time, showing assets, liabilities, and shareholders' equity.

Excess of Revenue

The amount by which revenue exceeds the expenses in a given period, indicating profit.

Expenses Incurred

Costs that a company has become legally obligated to pay, often in the course of its normal business operations.

Capital

Financial assets or the financial value of assets, such as cash and securities, owned by an individual or organization, especially those used to start or operate a business.