This monograph has been widely used as a reference for more than 20 years. It outlines the elementary principles of balance-of-payments accounting and illustrates them with examples of typical transactions. N.B.: Last revised in 1996, this monograph does not reflect significant changes in the U.S. balance of payments accounts made in 1999. For further information on these changes, see Christopher L. Bach, "U.S. International Transactions, Revised Estimates for 1982-98," Survey of Current Business, July 1999, pp. 60-74.