Outline the structure of the two main accounts of the balance of payments.

The Balance of Payments (BOP) is a statistical statement that systematically summarizes, for a specific time period, the economic transactions of an economy with the rest of the world. It is divided into two main accounts: the Current Account and the Capital and Financial Account.

1. Current Account: This account records the flow of income in and out of the country within a certain period. It is further divided into four categories:

   a. Goods: This includes all tangible items that are produced and sold or bought by an economy. It includes items like cars, electronics, and food.

   b. Services: This includes all intangible items that an economy produces and sells or buys. It includes items like tourism, banking services, and insurance.

   c. Income: This includes income from factors of production (like interest on loans, dividends on investments).

   d. Current Transfers: These are one-way transactions where no economic value is directly received in return. It includes items like donations, aids, and grants.

2. Capital and Financial Account: This account records all transactions of financial assets and liabilities between a country and the rest of the world. It is divided into two main categories:

   a. Capital Account: This includes capital transfers and acquisition or disposal of non-produced, non-financial assets.

   b. Financial Account: This includes direct investments, portfolio investments, and reserve assets. It records investments by residents of one country into another and changes in reserves held by a country's central bank.

In summary, the Current Account reflects a country's net income, while the Capital and Financial Account reflects how the country is using its income, whether it's accumulating assets or liabilities.