What term describes the record of exchanges of goods between Canada and foreign entities?

The term that accurately describes the record of exchanges of goods between Canada and foreign entities is the Current Account. The Current Account is a component of a country’s balance of payments, which tracks the flow of goods and services in and out of the country, including trade in physical products and merchandise. It provides a detailed account of a nation's international trade, taking into consideration exports and imports.

In addition to goods, the Current Account also includes income payments and receipts, such as dividends and interest, as well as current transfers. This account reflects the net trade position of a country and is crucial for assessing the economic relationships and competitiveness of a nation in the global market.

Other terms mentioned are related to financial aspects but do not pertain specifically to the record of exchanges of goods. The Balance Sheet provides a snapshot of an entity's financial status at a given time, listing assets, liabilities, and equity rather than trade. The Trade Surplus is a condition resulting from the Current Account when exports exceed imports but does not represent the account itself. The Capital Account, on the other hand, deals with transactions that involve financial instruments and capital transfers and does not encompass the direct exchanges of goods and services.