unit of account

British  

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

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Example Sentences

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.

From Reuters • Jan. 23, 2023

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.

From Washington Post • Oct. 2, 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

I proposed, therefore, instead of this, to adopt the Dollar as our unit of account and payment, and that its divisions and subdivisions should be in the decimal ratio.

From Memoir, Correspondence, And Miscellanies, From The Papers Of Thomas Jefferson, Volume 1 by Randolph, Thomas Jefferson