unit of account

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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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

unit of account

see MONEY.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson

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.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
When the government defines indexed units of account, it could consider their effects on money illusion and price rigidity; for example, wage units might be biased downward relative to wage income in order to control for certain inflationary pressures.
Shiller, "Indexed Units of Account: Theory and Assessment of Historical Experience," NBER Working Paper No.
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.