If a country has received money this is known as a credit and if a country has paid or given money t...........

Economic Affairs Balance of Payments

If a country has received money, this is known as a credit, and if a country has paid or given money, the transaction is counted as a debit. Theoretically, assets (credits) and liabilities (debits) should balance.which of the following is being mentioned regarding in Country's transactions with the world ?

Balance of Trade

Balance of Payment

Balance of Services

None of the above

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Explanation:

Balance of Payments is a record of all transactions made between one particular country and all other countries during a specified period of time.
The balance of payments (BOP) is the method countries use to monitor all international monetary transactions at a specific period.
All trades conducted by both the private and public sectors are accounted for in the BOP to determine how much money is going in and out of a country. If a country has received money, this is known as a credit, and if a country has paid or given money, the transaction is counted as a debit.
Theoretically, the BOP should be zero, meaning that assets (credits) and liabilities (debits) should balance, but in practice, this is rarely the case.