The Record of a Country's Transactions in Goods, Services, and Assets

question 62

Multiple Choice

The record of a country's transactions in goods, services, and assets with the rest of the world is its

• A) balance of payments.
• B) balance of trade.
• C) capital account.
• D) current account.

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Definitions:

Noncollections

Amounts due to a company for goods or services provided that have not been collected.

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that is used globally.

U.S.GAAP

U.S.GAAP stands for United States Generally Accepted Accounting Principles, which are a set of accounting standards used for financial reporting in the U.S.

Accounts Receivable

Funds that customers owe a company for products or services already received but not yet paid for.