Consider the following statements in regard with the Balance of Payment (BoP) :

1.Items that are transacted autonomously are called ‘above the line’ items in the BoP

2.The balance of payments is said to be surplus if autonomous receipts are greater than autonomous payments.

3.Errors and Omissions is the ‘balancing item’ reflecting our inability to record all international transactions accurately.

Which of the statements given above is/are correct?