Which one of the following is not a component of balance of payments ?
Social account
The balance of payments (BoP) is a systematic record of all economic transactions between the residents of a country and the rest of the world during a period. Under the IMF framework it is divided into a current account (trade in goods, services, primary income and transfers), the capital account (and the financial account recording investment flows and loans), and the official settlement or official reserves account, which records changes in the foreign exchange reserves held by the monetary authority to settle the overall balance.
A social account is not part of the BoP. Social accounting refers to national income accounting or to a firm's reporting on its social responsibility, neither of which forms a component of the external payments record. Current account, capital account and official settlement account are all standard BoP components.
Social account option is correct.
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