How is the balance ensured in a balance-of-payments record? What does a balanced record signify?
Balance of payment is the difference between what has been paid to outer countries and what payments have been acquired from outside. Balance record signifies the maintenance of the double entry bookkeeping where the payments made to outside and those accepted from outside must be in a balance. Same is the case in business where they keep their records balanced in regards to their assets on one hand and their liabilities on the other hand.