Introduction to BOP

Question 1

what is the BOP

Answer 1

a systematic record of all economic transactions between the residents of Aus + residents of the rest of the world

Question 2

what is meant by a double entry system - what are some examples of credits and debits

Answer 2

credits - exports, income recievable, increase in foreign liabilities, export of currency (positive)
debits - imports, income payable, increase in foreign assets, import of currenc