unit of account
Noun
Meaning
unit of account (plural unit of accounts)
(economics, finance, accounting) A standard numerical monetary unit of measurement of the market value of goods, services, and other transactions.
Synonyms: settlement currency, money of account
Examples
Money is here called the a medium and not, as customary, a unit of account because, clearly, money itself is not a unit, but the good whose unit is used as the unit of account.
After the collapse of that system in the early 1970s the XDR has taken on a less important role. citation Acting as the unit of account for the IMF has been its primary purpose since 1972.
Consequently, inflation reflects a reduction in the purchasing power per unit of money a loss of real value in the medium of exchange and unit of account within the economy.
Coins and notes As the ECU was only an electronic unit of account and not a full currency, it did not have any official coins or notes that could be used for everyday transactions.
Mahathir claimed it would be a stable unit of account and a political symbol of unity between Islamic nations.
In 1894, the pataca was introduced in both Macau and Portuguese Timor as a unit of account for the Mexican dollar and the other silver dollar coins in circulation.