unit of account(redirected from money of account)
Also found in: Dictionary, Encyclopedia, Wikipedia.
Related to money of account: Unit of account
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 accountsee 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 accountan 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