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Consider the following statements and identify the right ones.
i. A double entry system of record of all economic transactions between the residents of a country and rest of the world is called balance of trade
ii. All transactions related to goods, services or income are classified as capital account.
  • a)
    i only
  • b)
    ii only
  • c)
    both
  • d)
    none
Correct answer is option 'D'. Can you explain this answer?
Verified Answer
Consider the following statements and identify the right ones.i. A dou...
A double entry system of record of all economic transactions between the residents of a country and rest of the world is called balance of payments. All transactions related to goods, services or income are classified as current account.
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Consider the following statements and identify the right ones.i. A dou...
The correct answer is option 'D' - none.

Explanation:
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Consider the following statements and identify the right ones.i. A double entry system of record of all economic transactions between the residents of a country and rest of the world is called balance of tradeii. All transactions related to goods, services or income are classified as capital account.a)i onlyb)ii onlyc)bothd)noneCorrect answer is option 'D'. Can you explain this answer?
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