Consider the following correct statements with respect to Balance of Payment (BoP)?
1
The balance of payments (BoP) record the transactions in goods, services and assets between the territories of any country.
2
Any transaction resulting in a payment to foreigners is entered as a credit
3
Any transaction resulting in a receipt from foreigners is entered as a debit
4
There are two main accounts in the BoP – the current account and the capital account.
5
When exports exceed imports, there is a trade deficit and when imports exceed exports there is a trade surplus .