unit of account

(redirected from Units of account)
Also found in: Dictionary, Acronyms, Wikipedia.

Unit of Account

A measure of an amount of money. Units of account, for example, divide one dollar into 100 cents or one pound into 100 pence. Units of account are somewhat arbitrary, but are necessary to measure value and price fairly.

unit of account

see MONEY.

unit of account

an attribute of MONEY that enables people to use money to measure and record the value of GOODS and SERVICES and financial transactions. A unit of account may take a physical form, for example CURRENCY, or may be an intangible ‘book-keeping’ asset such as the SPECIAL DRAWING RIGHT and the EUROPEAN CURRENCY UNIT.
References in periodicals archive ?
Shiller, "Designing Indexed Units of Account," paper presented at the American Economic Association meeting, January 1998.
Once costs included in the R&D credit position have been organized into appropriate units of account, the next step is to determine which of those units of account may be recognized.
Step two--determine which units of account meet the MLTN test: In making this determination, the technical merits of each unit of account must be determined presuming that the credits claimed will all be examined by an appropriate tax authority with full knowledge of all relevant information.