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The Unit of Account

In: Margins of Error in Accounting

Author

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  • D. R. Myddelton

Abstract

Accounting has normally used money as the unit of account, and that worked well in Britain until after the Second World War. But in times of inflation, such as we have experienced in the last 60 years, this can lead to significant error. When inflation is high enough, the ‘solution’ is to use a unit of constant purchasing power instead of money itself as the unit of account.

Suggested Citation

  • D. R. Myddelton, 2009. "The Unit of Account," Palgrave Macmillan Books, in: Margins of Error in Accounting, chapter 4, pages 61-84, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-59501-9_4
    DOI: 10.1057/9780230595019_4
    as

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