The Balance of Payments

May 19th, 2015
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Question 1What is the balance of payments report? Identify each section of the report and the information each section provides. How do you interpret this statement? Does exchange rate policy have any effect on its interpretation? Explain. Learning Outcome: Recognise how nations measure their own levels of international economic activity using sub accounts of the Balance of Payments (BOP).

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Financial AccountingIntroduction The purpose of accounting is to provide the information that is needed for sound economic decision making. The main purpose of financial accounting is to prepare financial reports that provide information about a firm's performance to external parties such as investors, creditors, and tax authorities. Managerial accounting contrasts with financial accounting in that managerial accounting is for internal decision making and does not have to follow any rules issued by standard-setting bodies. Financial accounting, on the other hand, is performed according to Generally Accepted Accounting Principles (GAAP) guidelines. Accounting Standards In order that financial statements report financial performance fairly and consistently, they are prepared according to widely accepted accounting standards. These standards are referred to as Generally Accepted

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