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Define Balance of Trade and Balance of Payments

question 83

Essay

Define Balance of Trade and Balance of Payments.What is the different between these two terms? Why are they important measures?


Definitions:

Subsidiary Ledgers

Detailed records that support summary-level data contained in the general ledger, such as accounts receivable and accounts payable ledgers.

General Ledger

A complete record of all financial transactions over the life of a company.

Computerized Accounting Systems

Systems that use software to record, store, and process financial transactions and data, improving efficiency and accuracy in accounting.

Business Segments

Distinct parts of a company that deal with different types of products or services, often reported separately in financial statements.

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