Examlex
Which of the following statements about financial statements is incorrect?
Current Account
A component of a country's balance of payments that measures the trade balance, net primary income, and net secondary income with foreign entities.
Deficit
The amount by which expenses or costs exceed income or revenues, commonly associated with governmental budgeting.
Current Account
A component of a country's balance of payments that measures the trade in goods and services, net income from abroad, and net current transfers.
Deficit
The amount by which expenses exceed income or costs outstrip revenues, typically referring to governmental budgeting.
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