The Statistical Discrepancy

question 71

Multiple Choice

The statistical discrepancy:

• A)is always positive but less than 1.
• B)is always negative and greater than −1.
• C)must be reduced to zero and eliminated from the balance of payments before the records become official.
• D)is a residual factor that indicates the net error in the balance of payments data.
• E)is a record of all transactions between residents of two countries over a specified period.

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Definitions:

Accounts Payable

Obligations or amounts owed by a company to suppliers for goods or services that have been received but not yet paid for.

Accounts Receivable

Money owed to a company by its debtors for goods or services that have been delivered or used but not yet paid for.

Chart of Accounts

An organized list of all the accounts in a company’s general ledger, used for recording transactions in the accounting system.

Income Statement

A financial document that reports a company's financial performance over a specific period, showing revenues, expenses, and net income or loss.