If you open a fixed account, the interest rate is higher.M: Then how about the current account W: You may withdraw the money at any time and you just need to present your bank card and a withdrawal slip.M: I would rather open a current account.W: OK, please fill in this ...
the type of account, and the location of the account. Typically, banks require a higher minimum balance for a current account as compared to a savings account because of the higher number of transactions involved.
One of these principles relates torevenue recognitionand states that revenue should be recorded when it is earned, rather than when cash is received. With cash basis (the alternative accounting method to accrual) on the other hand, unearned revenue doesn’t exist as an account because revenue is...
It is very general type of current account that provides all the basic facilities of a Current Account. It allows multiple number of transactions, online banking facilities, overdraft facilities, cheque book facility, etc. It is an ideal low cost account for businesses that operate in one city....
Every country that trades with another country has an account that they use to keep track of trade in goods, services, money received from...
A current account is a type of bank account to help you manage your everyday money. This includes things like bills, wages and direct debits.
What type of account is the Cost of Goods Sold? 1. Describe what unearned revenue is and where it is reported in financial statements. 2. Provide an example as well of an accrued revenue. What is an unearned (deferred) revenue contract?
The current account reflects the frequent occurrence of domestic and foreign projects, including trade balance (i.e. import and export), labor income and expenditure (such as pportation, port, communications and Tourism) and unilateral pfer (e.g. remitta
What type of account is a checking account?Assets:In business and finance, assets are resources used by the company to operate its business operations. In the balance sheet, it is recorded as either current or non-current.Answer and Explanation: ...
A current account is a form of deposit account that allows, among others, payment by way of cheques 1. This Knowledge Base category highlights the basic requirements relating to the operation and maintenance of a current account as well as some useful tips to safeguard your account....