unit of account
Britishnoun
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economics the function of money that enables the user to keep accounts, value transactions, etc
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Also called (esp US and Canadian): money of account. a monetary denomination used for accounting purposes, etc, but not necessarily corresponding to any real currency
the ECU is the unit of account of the European Monetary Fund
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the unit of currency of a country
Example Sentences
Examples are provided to illustrate real-world usage of words in context. Any opinions expressed do not reflect the views of Dictionary.com.
The dollar is supposed to act as a unit of account and a store of value.
From Washington Post • Jul. 15, 2022
Euro banknotes and coins were only introduced on Jan. 1, 2002, with the currency only existing before that day as a unit of account for settling cross-border transactions.
From Reuters • Jul. 13, 2022
A currency, as economists understand it, must fulfill three functions: It must be a relatively stable store of value, a commonly understood unit of account, and a widely accepted medium of exchange.
From Slate • May 18, 2022
“It’s not a reliable store of value, unit of account or medium of exchange.”
From New York Times • Mar. 31, 2022
Gouverneur Morris, the assistant of the Financier, suggested the decimal computation, and Jefferson the dollar as the unit of account and payment.
From Albert Gallatin American Statesmen Series, Vol. XIII by Stevens, John Austin
Definitions and idiom definitions from Dictionary.com Unabridged, based on the Random House Unabridged Dictionary, © Random House, Inc. 2023
Idioms from The American Heritage® Idioms Dictionary copyright © 2002, 2001, 1995 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company.
