Which of the following best explains the difference between Balance of Payment (BoP) and Balance of Trade (BoT)?

Both the BoP and the BoT of a particular country are systematic records of all the economic transactions between the residents of a country and rest of the world during a given period of time.

The BoP is a systematic record of all economic transactions between the residents of a country and the rest of the world during a given period of time, whereas the BoT is the difference in the value of a country's exports and imports of visible goods.

The BoP is a systematic record of all economic transactions between the residents of a country and rest of the world during a given period of time, whereas the BoT is the difference in the value of a country's imports and exports of all goods and services.

The BoP is a systematic record of all economic transactions between the non-residents of a country during a given point in time, whereas the BoT is the summation of transfer payments and the difference between the value of a country's imports and exports of the visible goods.

The BoT is comprised of the BoP plus other economic transactions like private transfers, between the residents of a country and rest of the world during a given period of time. Hence, the BoP is a subset of BoT.