A Nation's Balance-Of-Payments Statement Includes Three Accounts

question 51

Essay

A nation's balance-of-payments statement includes three accounts.Describe each of those three accounts.

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Definitions:

Service Potential

Service potential refers to the capacity of an asset to provide goods or services that contribute to the future income of an organization.

Office Equipment

Tangible, long-term assets used in the operation of a business, such as computers, printers, and furniture, facilitating daily work tasks.

Land

A natural resource representing the earth's surface not including any structures; often considered a fixed asset in accounting.