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
As every one knows, the name, or unit of account, is affixed to a given number of grains of a specified fineness of a certain metal.
From Readings in Money and Banking Selected and Adapted by Phillips, Chester Arthur
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.
