account records the transactions relating to goods
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Current account records transactions relating to goods.
Explanation:
- The current account records payments and receipts of transactions concerning invisible items (services), visible items (goods), one-sided transfers, and income.
- A current account is opened by someone who has a greater number of regular transactions with the bank.
- It includes withdrawals, deposits, and contra transactions. It is also called a Demand Deposit Account.
- Current accounts can be opened in any commercial bank and co-operative bank.
- In a current account, capital can be withdrawn and deposited at any time short of giving any notice.
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