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A unit of account is something that can be used to value goods and services, record debts, and make calculations. Money is considered a unit of account and is divisible, fungible, and countable. With money being countable, it can account for profits, losses, income, expenses, debt, and wealth.
Beside above, what are 3 ways in which money is a unit of account? Money has three primary functions. It is a medium of exchange, a unit of account, and a store of value: Medium of Exchange: When money is used to intermediate the exchange of goods and services, it is performing a function as a medium of exchange.
Also know, what does unit of account mean?
A unit of account is a standard monetary unit of measurement of value/cost of goods, services, or assets. It is one of three well-known functions of money. It lends meaning to profits, losses, liability, or assets.
How is money a unit of measure?
A unit of account in economics is a nominal monetary unit of measure or currency used to represent the real value (or cost) of any economic item; i.e. goods, services, assets, liabilities, income, expenses. It is one of three well-known functions of money. [1] It lends meaning to profits, losses, liability, or assets.
