What is Current Account?

Legal Definition
In economics, a country's current account is one of the two components of its balance of payments, the other being the capital account (sometimes called the financial account). The current account consists of the balance of trade, net primary income or factor income (earnings on foreign investments minus payments made to foreign investors) and net cash transfers, that have taken place over a given period of time. The current account balance is one of two major measures of a country's foreign trade (the other being the net capital outflow). A current account surplus indicates that the value of a country's net foreign assets (i.e. assets less liabilities) grew over the period in question, and a current account deficit indicates that it shrank. Both government and private payments are included in the calculation. It is called the current account because goods and services are generally consumed in the current period.
-- Wikipedia
Legal Definition
An open, running, or unsettled account between two parties. Tucker v. Quimby, 37 Iowa, 19; Franklin v. Camp, 1 N. J. Law, 196 ; Wilson v. Calvert, 18 Ala. 274.
-- Black's Law Dictionary