unit of account

noun

1. economics the function of money that enables the user to keep accounts, value transactions, etc

2. 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

3. the unit of currency of a country

Example Sentences

"We could get an extra 163 million of special drawing rights with the disbursements of the fifth and the sixth review" of the 2021 programme, Njoroge said, referring to the unit of account for the Fund.

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Brazil's Executive Secretary of the Finance Ministry, Gabriel Galipolo, told Reuters that the "regional unit of account" would come alongside expanded credit to support exports to Argentina through banks that operate in the country.

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“Anyone with even an undergraduate degree in economics, such as myself, can tell you that money serves three functions: medium of exchange, unit of account and store of value,” Mr. McKenzie, who received his bachelor’s in economics from the University of Virginia, said Wednesday.

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Money is supposed to be a store of wealth and a unit of account: When it ceases to perform these functions, the operating system of the economy crashes.

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The dollar is supposed to act as a unit of account and a store of value.

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