0
An example of money as a unit of account is when prices of goods and services are expressed in a common currency, such as dollars or euros. For instance, if a loaf of bread costs $2 and a gallon of milk costs $3, these prices allow consumers to easily compare the value of different items. This function helps individuals make informed purchasing decisions and assess the value of their money in terms of what it can buy.
What else can I help you with?
What is unit of account?
A standard monetary unit of measurement of the value of goods and services. Example: money
What is an example of interest-bearing account?
An Interest bearing account is a bank account in which, the banks pays you an interest for keeping your money deposited in that account. Ex: Savings Bank Account - You usually get around 3.5% rate of interest on the money you hold in your savings account in India.
What is money placed into an account?
money in a bank account, when u put money into an account it is called a deposit.
In accounting why the reverse principle is not possible - debit the the giver and credit the receiver?
The best way to explain this is by example: Wells fargo Bank has your bank account. Your account is a liability for them since this is not truly their money and it is obligated to you the account holder......so when they increase your account, they post a credit to it. Because to increase their liabilities they have to credit it......and when you use your debit card and decrease your account then wells fargo debits your account to remove the money. For you as the account holder your checking account is your asset......so if you were tracking your accounting in a program.....and you wanted to show where you deposited money into your account in your system then you would post a debit to increase your cash account.
What are the advantages of a open bank account?
"There are many advantages to opening a bank account. For example, it is an excellent way to keep your money safe. Also, over time, the money you deposit earns interest, so you get a little bit of a return on your savings that you put in."
What is unit of account?
A standard monetary unit of measurement of the value of goods and services. Example: money
What is an example of equilibrium?
The amount of money in a bank account never changes.
what are the functions of money?
jmm
The function of money that enables prices of goods and services to be quoted is called?
Unit of Account
Money serves as a standard to place value on goods and services what is created?
unit of account
What does monentary unit mean?
what they call money in that country for example: in Iran their money is called toman got it
What is an example of interest-bearing account?
An Interest bearing account is a bank account in which, the banks pays you an interest for keeping your money deposited in that account. Ex: Savings Bank Account - You usually get around 3.5% rate of interest on the money you hold in your savings account in India.
Which of these describes a time deposit?
Money in a savings account is an example of a time deposit.
What are the three functions of money?
Money is often defined in terms of the three functions or services that it provides. Money serves as a medium of exchange, as a store of value, and as a unit of account.
What the three functions of money?
Money is often defined in terms of the three functions or services that it provides. Money serves as a medium of exchange, as a store of value, and as a unit of account.
What is an example of a high money market?
An example of a high money market account will have a high interest rate and presumably make a lot of money for the owner of the account. One bank which claims to offer high yield or high paying money market accounts is Ally Bank; another is Capital One.
What kind of an account is a merchant account?
A merchant account is an bank account used for transferring money, involving business transactions. For example, a merchant account can be linked with Paypal, which can be used on eBay for business.
