What is unit of account?

Definition of unit of account : a monetary unit or measure of value (as a coin) in terms of which accounts are kept and values stated

What is a unit of measure in financial accounting?

Unit of measure in financial accounting refers to the monetary unit to be used; that is, whether it should be nominal units of money as opposed to units that are adjusted for changes in purchasing power over time. ^ "Functions of Money". boundless.com. 2017-10-11.

Why do we need a standard unit of account?

Indexes such as GDP and the CPI are so broad in their scope that compiling them would be impossible without a standard unit of account. After being compiled, these figures are often used to guide governmental policy; especially monetary and fiscal policy.

Is bitcoin a unit of account?

In accounting terms, Bitcoin exists as a unit of account given it can be represented up to 8 decimal places, making it far more divisible (a standard property of money) and representable in financial reports than fiat currencies.