Balance of payments (BoP) is a record of all economic transactions between residents of a country and the rest of the world over a specific period of time. It is divided into two main components: the current account and the capital account. The current account records the exports and imports of goods and services, while the capital account records the capital transfers and the acquisition or disposal of non-produced, non-financial assets.

In the given options, the correct statement is option 'C' which states that accommodating items are only recorded in the capital account of BoP. This means that any transactions related to the transfer of assets or liabilities, without any corresponding economic value, are recorded in the capital account.

Let's further understand the statement and its implications:

1. Accommodating Items: Accommodating items are transactions that do not have any real economic value but are undertaken to accommodate changes in the balance of payments. These items include changes in reserves, debt forgiveness, and other non-economic transactions.

2. Capital Account: The capital account of the BoP records the transfer of ownership of non-financial assets, such as land, patents, copyrights, and trademarks, as well as capital transfers and debt forgiveness. It also includes transactions related to the acquisition or disposal of financial assets, such as shares, bonds, and loans.

Explanation of the Correct Statement:

Accommodating items, which are non-economic transactions, are not recorded in the current account of the BoP, as they do not involve the exchange of goods or services. Instead, they are recorded in the capital account, which captures transactions related to the transfer of assets and liabilities.

Examples of accommodating items that are recorded in the capital account include changes in reserves held by the central bank, debt forgiveness or cancellation, and non-economic transfers of assets. These items do not directly affect the current account balance, but they are important for understanding the overall position of a country in terms of its international transactions.

It is important to note that the capital account and current account are interrelated, and any surplus or deficit in one account can affect the other. However, the statement in option 'C' specifically refers to accommodating items, which are only recorded in the capital account.

In conclusion, option 'C' is the correct statement because accommodating items, which are non-economic transactions, are only recorded in the capital account of the BoP.