Question

A country's international transactions accounts data for last year are presented in its domestic currency: transaction amount exports of goods and services 10,000 import of goods and services 14,216 investment income payments made to foreigners 2,519 investment income received from foreigners 3,409 net change in assets owned abroad 1,548 net change in foreign-owned assets domestically 4,989 unilateral current transfers received 346 unilateral current transfers paid 1,107 statistical discrepancy 646 the current account balance is closest to: 4,087. 4,216. 4,345.

Answer 1

Accounting standards ensures the consistency and comparability of financial statement". ... Financial statements of one accounting period must be comparable to another in order for the users to derive meaningful conclusions about the trends in an entity's financial performance and position over time.