The Balance of Payments (BoP) is a comprehensive account setting out a country's economic transactions with the rest of the world, divided into key sub-accounts such as the current account and the capital account.
A bank deposit is a sum of money placed by a customer with a bank, which may attract interest and have specific accessibility terms. Deposits allow banks to extend loans to other customers, existing mainly on paper in the bank's books.
A cheque account is a bank or building society account on which cheques can be drawn. In the United States, this type of account is known as a checking account. It is designed to provide easy access to funds for everyday transactions.
A plastic card issued by a retail bank to its customers to guarantee cheques drawn on the customer's current account up to a specified limit. Cheque cards have largely been replaced by multifunctional cards which also function as cash and debit cards.
A current account serves as an active account in the banking system where you can deposit and withdraw money via various mediums. It's crucial for personal, business, and international financial management.
Partnership accounts refer to the detailed accounting records maintained by a partnership, encompassing various essential documents such as the appropriation account, capital account, and current account. These accounts aid in the equitable distribution of profits and manage the financial dealings among partners in accordance with the partnership agreement.
