A summary of a country's economic transactions with foreign residents and govemments is called theAnswer1. current account balance.2. capital account balance.3. balance of trade.4. balance of payments.

a summary of counties economic transaction with the foreign residents and government is called the…

Answered: A summary of a country's economic…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 3MC: The system of using a monetary unit, such as the US dollar, to value the transaction is known as...

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Similar questions

How does one calculate the balance of trade in goods and services, capital account balance, current account balance and official settlement balance given a summary of international transactions of the country?
Define balance of payments. And explain why it is useful to examine a country’s balance-of-payments data?
Financial accounting is shaped to a significant extent, by the environment, and in particular all of the following, except Select the correct response: The means of measuring economic activity The overall organization of economic activity in society The many uses and users which it serves The characteristics and limitations of financial accounting and financial statements Statement 1 - A foreign currency transaction is initially recognized by translating the foreign currency amount into the functional currency using the spot exchange rate at the date of the transaction. Statement 2- An entity is required to present its financial statements using its presentation currency (i.e., Philippine pesos). However, whenever needed, the entity may translate its financial statements into any functional currency. Select the correct response: Both statements are incorrect Only statement 1 is correct Only statement 2 is correct Both statements are correct
What is the accounting measurements in the UAE?
5.Will a company use the same exchange rate when translating ,Assets ,Liabilities,Revenues and Expenses? Explain
The system of using a monetary unit, such as the US dollar, to value the transaction is known as which of the following? A. separate entity concept B. monetary measurement concept C. going concern assumption D. time period assumption
The elements of financial statements are mentioned in IPSAS 1. Compare the elements of your country’s financial statements to IPSAS 1. Explain the differences and similarities.
What are the financial reports that's required in UAE?
4. Discuss the environmental factors that impact on the development of a country's accounting system. 5. Discuss the approaches a company might take when issuing financial reports to users in foreign countries. 6. What is the purpose of the International Accounting Standards Board? How are IASB standards used by various countries?
What are the acceptable methods of accounting for business operations in a foreign country? Choose a publicly-traded company that operates internationally and identify the impact that the foreign operations have on the financial statements. Explain.
Under which of the following role of Financial manager can you classify the management of international trade: a. Foreign Exchange management b. Credit manager c. Pension Fund management d. Investors communication
DEFINITIONS 1. Open position 2. Transaction exposure report 3. Hedging 4. Transaction foreign exchange exposure 5. Definite versus contingent transactions exposure.

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A summary of a country's economic transactions with foreign residents and govemments is called the Answer 1. current account balance. 2. capital account balance. 3. balance of trade. 4. balance of payments.