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Acronyms that contain the term Unit of account
What does Unit of account mean? This page is about the various possible meanings of the acronym, abbreviation, shorthand or slang term: Unit of account.
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What does Unit of account mean?
- Unit of account
- In economics, unit of account is one of the money functions. A unit of account is a standard numerical monetary unit of measurement of the market value of goods, services, and other transactions. Also known as a "measure" or "standard" of relative worth and deferred payment, a unit of account is a necessary prerequisite for the formulation of commercial agreements that involve debt. Money acts as a standard measure and a common denomination of trade. It is thus a basis for quoting and bargaining of prices. It is necessary for developing efficient accounting systems.
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"Unit of account." Abbreviations.com. STANDS4 LLC, 2024. Web. 24 Apr. 2024. <https://www.abbreviations.com/Unit%20of%20account>.
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