Task: Class Definition Understanding (ontology: Business_Finance/Financial_Industry_Business_Ontology)

Which of the following definitions best describes 'unit of account'?

A. artificial currency used as calculation basis for another currency(s) and accounting purposes
B. monetary price determined by a formula
C. monetary price expressed in relation to a well-known measurable unit by which the goods or services are allocated
D. nominal monetary unit of measure used to represent the real value (or cost) of any economic item; i.e. goods, services, assets, liabilities, income, expenses

Answer: nominal monetary unit of measure used to represent the real value (or cost) of any economic item; i.e. goods, services, assets, liabilities, income, expenses