Statement (a) is correct: Balance of Payments (BoP) records all economic transactions (goods, services, capital, transfers) between residents of a country and the rest of the world over a year.

Statement (b) is incorrect: This describes only the Balance of Trade, not the full BoP.

Statement (c) is incorrect: BoP covers all residents (individuals, firms, institutions), not just governments.

Statement (d) is incorrect: Capital account is only one component of BoP; it also includes current account and errors & omissions.