Which of the Following Is NOT a Category in the U.S

question 47

Multiple Choice

Which of the following is NOT a category in the U.S. balance of payments account?

• A) Current account
• B) Past-due account
• C) Capital account
• D) Official reserve transactions account

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Definitions:

Business Entity Assumption

An accounting principle that treats a company's operations as separate from its owners or other businesses.

Personal Assets

Items of value owned by an individual, including real estate, bank accounts, investments, and personal property.

Objectivity Principle

The objectivity principle in accounting states that financial information presented in the accounts of a business should be based on objective evidence and be verifiable, avoiding personal opinions or biases.

External Users

individuals or entities outside of a company who use its financial information, such as investors, creditors, and government agencies.