In 1991, the BoP crisis had paved the way for much-needed and long-overdue reforms, the scope of which remains unmatched till today. The balance of payments, or BoP for short, records all the transactions, be they in goods, services or assets, of the concerned country with the rest of the world. All such transactions over a specified time period, usually a year, are kept track of in this way. This is also known as the balance of international payments. Think of it another way: It is a statement of all the economic transactions that a nation’s individuals, firms, and government enter into with individuals, firms, and governments outside the nation in question. The transactions in question include imports and exports of goods, services and financial assets, along with transfer payments. BoP allows one to monitor all international monetary transactions. In short, the aim is to determine how much money is going in and out of the country's economy. Knowing the strengths and weaknesses of the economy is the basic purpose of BoP accounting. One can determine the overall gains and losses from international trade by analysing the BoP accounts of the previous year. 

Which of the following is recorded in the current account of BoP account?

All of the above

Current account records all those transactions between residents of the country and rest of the world which do not result in change in the assets or liabilities of the residents of the country or its government. The components of current account are:

1. Export and import of goods and services
2. Receipts and payments of unilateral transfers
3. Income from investment and work