unit of account

Definition

A basic function of money, providing a unit of measurement for defining, recording, and comparing value. I.e., one dollar signifies not only a one dollar bill, but also a dollar's worth of money in other forms (deposits), of wealth in other forms than money, and of any good or service with a market value.

Use unit of account in a sentence

You need to make sure that you are up to date on your unit of account and using it as best you can.

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The unit of account was a key feature of the crypto currency as it was able to be measurable and useful.

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One of the first orders of business for the newly founded island nation, was the creation of a standard unit of account; allowing them to trade with neighboring islands.

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silver Asian Currency Unit