Explain What Is Bop in accounting?

A country's balance of payments (BoP) records all its economic transactions with the rest of the world over a given period of time, usually a year. In simple terms, it is a systematic accounting balance sheet of the country and includes both debit and credit transactions.

BoP accounting aims to determine the economy's strengths and weaknesses. You can determine the overall gains and losses from international trade by analyzing the BoP accounts of the previous year.