Current Affairs · Balance of Payments
Given below are two statements: Statement I: Under double-entry bookkeeping, a deficit in the current account of the Balance of Payments must be offset by a surplus in the capital/financial account and/or reserve assets. Statement II: The 'Errors and omissions' account is used to balance statistical discrepancies arising from different data sources in Balance of Payments accounting. Choose the correct option:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Both statements are correct✓
- 2Both statements are incorrect
- 3Statement I is correct, Statement II is incorrect
- 4Statement I is incorrect, Statement II is correct
Correct answer
Both statements are correct
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