The Current Account Is Defined as That Part of the Balance

question 41

True/False

The current account is defined as that part of the balance of payments that records transactions leading to a change of ownership of commodities, or a direct flow of income or similar payment.

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Definitions:

Tax Allowances

Deductions or adjustments to taxable income permitted by tax authorities, allowing individuals or businesses to reduce their taxable income.

Contingent Liabilities

Potential liabilities that may occur depending on the outcome of a future event, which are recorded in the financial statements if the occurrence is likely and the amount can be reasonably estimated.