JAMB - Commerce (2018 - No. 43)
Balance of payment consist of ----------- and ---------- items
Credit and loss
visible and non-visible
valid and invalid
income and expenditure
Explication
The balance of payments is a summary of all monetary transactions between a country and rest of the world. These transactions are made by individuals, firms and government bodies. Thus the balance of payments includes all external visible and non-visible transactions of a country.