joys joy wrote a new post, 3 Top Qualifications You Need to be an Accountant, on the site News 1 week ago
The role of an accountant is essential any business. They mainly record and collect financial data used to make sound business decisions. They are also responsible for making reports used to know how much is […]
joys joy wrote a new post, Anthony Amaradio Explains How A Wealth Management Company Helps A Person Overcome Financial Insecurity, on the site News 1 week, 1 day ago
Every person living in this world has certain goals in life that he tries to achieve. These aspirations can only be fulfilled by utilizing financial resources in a judicious way. This is what Anthony […]
joys joy wrote a new post, Timothy Munro Roberts Station Digital – The Man Behind the Innovation, on the site News 1 week, 5 days ago
In the grand scheme of things, it isn’t that long ago that we listened to music through records, tapes or discs, or had to switch on the radio. People liked the radio because it enabled them to enjoy their […]
constantitempurchasingpoweraccounting wrote a new post, Bitcoin is not a unit of account, on the site Capital Maintenance in Units of Constant Purchasing Power™ 1 week, 5 days ago
A bitcoin is neither a unit of account nor a standardised unit of measure
A bitcoin is neither a monetary unit of account nor a standardised unit of measure of real value.
A unit of account is a monetary unit of measure. Money is normally a unit of account.
The best known units of account are the best known currencies in use today: US Dollar, Euro, Pound, Peso, Rouble, Yuan, Yen, Shilling, etc.
They are all monetary items when used inside the economy where they are created. They are variable real value non-monetary items when used as foreign exchange outside the economy where they are created.
This monetary unit of measure, called unit of account, is the only unit of measure that is not based on a constant value. It is thus assumed for accounting purposes only under Historical Cost Accounting and Current Cost Accounting (which implement the stable measuring unit assumption) that all monetary units of account are perfectly stable in real value for the purpose of measuring monetary items not inflation-indexed and constant real value non-monetary items only during low and high inflation and deflation.
All other units of measure are based on constant values, e.g., inch, foot, yard, mile, kilometer, meter, pound, gram, ounce, watt, etc.
A unit of account is an assumed to be perfectly stable in real value, monetary item (currency) – in the economy where it is created – used to account economic activity in terms of the double entry accounting model.
The best known double entry accounting model is the traditional, generally accepted, globally implemented Historical Cost Accounting model.
Other double entry accounting models are:
Capital Maintenance in Units of Constant Purchasing Power in terms of the Daily CPI.
Current Cost Accounting
Thus, bitcoin, the digital unit of the Bitcoin digital payment platform, is not a unit of measure either, because all units of measure are either based on a perfectly constant base unit (e.g., inch, centimeter, gallon, pint, watt, ohm, etc.) or – only in the case of monetary items – assumed to be perfectly stable only during low and high inflation and deflation and only under the Historical Cost Accounting and Current Cost Accounting models.
A bitcoin is not a unit of account because items are not generally priced or measured in bitcoins. No financial reports are prepared in bitcoins. No set of accounts is prepared in bitcoins.
Units of account are all monetary items assumed to be perfectly stable in real value only during low and high inflation and deflation only under HCA and CCA.
Bitcoins are not perfectly stable in real value and are not and cannot be assumed to be perfectly stable in real value because they are not monetary items.
Bitcoin is always a variable real value non-monetary item similar to a limited issue rare stamp in digital form.
Thus, bitcoin is not and cannot be a unit of account for accounting purposes. Bitcoin is also not a unit of measure because it is not perfectly stable in real value and it is not and it cannot be assumed to be perfectly stable in real value.
Bitcoin is a digital variable real value non-monetary item. The bitcoin digital units are numbered in terms of the normal numbering system: 1, 2, 3, …..
The fact that a US federal judge referred to bitcoin as a unit of account does not constitute a binding definition or description since it was made under US common law. Any other US common law judge can have a different opinion.
Nicolaas Smith Copyright (c) 2005-2014 Nicolaas J Smith. All rights reserved. No reproduction without permission.
Terrence Stoker wrote a new post, Can you benefit from franchising?, on the site Money Think 1 week, 5 days ago
There is a systematic prevention for achieving in the career market: to get a position requires you to have experience, but to get experience, you need to have a position! This unfortunate principle applies to […]
roger wrote a new post, Important Tips for Fast Book Translation, on the site corebusiness 1 week, 5 days ago
Are you an author and looking forward for translation of the book? The best part is that this article will purely focus on translation subject! First and the foremost thing it doesn’t matter whether you are expert in one or two languages, for translation special qualifications are required providing quality and speed. Hence, don’t think that you can translate own your own and doesn’t need any professional help.
Never go for a bilingual person, even if someone is good in your target translated language that doesn’t mean that you will not be having any problem. Because, as told translation is a completely different type of profession that can help you out in extracting the same meaning as there is on the book. Rest; go for quality translation firm since, you cannot take a risk by hiring anyone for your appreciated books.
Book translation is quite a sensitive subject and must be dealt with care. Each book is unique and so is the author. Owing to the fact one cannot trust a new translator for translation of the book. Always hire someone having prior experience in the same. The reason is that there different types of translation and each one is different. For translating any book, one must be emotionally and culturally linked to the language. This will help the translator in extracting the exact emotions and feelings as it is from the book. The style, tone and the structure of the story should not be molded. But, that doesn’t mean that you will not be doing anything and will be sticking to the grammar of the language. If this will happen, it will be a technical translation nothing more than that. Hence, it is important that that translator must go through the book and try and find out the best way of translation himself.
Contact the project manager of the company you have selected and tell all your requirements. Try to give him a brief about the type of translation you want no matter what. Ask him to appoint translators best for the job. There are people having expertise in projecting the right image of the content into other languages especially when it is a book! The other best tip is to discuss the best methods and review the translated book taking the help of the native person. Further, you can always ask for the best alteration since it is a book. The core aim or the moral should never be distracted in translation. People should be able to read the entire book fluently with proper connections in between the text and the sentences.
About The Author:
Rohina is one of the brilliant book translators handling all translation in multiple languages. She has translated several books in English into many languages. Further, She loves playing guitar and piano.
Staff Training wrote a new post, What Colour are Your Office Walls?, on the site Staff Training 1 week, 5 days ago
Whether you’re aware of it or not, colour affects your thinking and behaviour each and every day – so bear this in mind next time you redecorate!
Choosing a colour for the office walls seems like a trivial […]
Tom Brown wrote a new post, Payday Loans – Be Aware, on the site Global Finance News 1 week, 6 days ago
Most financial experts agree payday loans can be dangerous and put the borrower in increased financial hardship. From the Citizens Advice Bureau to the http://www.moneyadviceservice.co.uk website, advisors all warn about […]
joys joy wrote a new post, How active managers use the derivatives market for extracting values, on the site News 2 weeks, 3 days ago
Structured products are types of investment that are aimed at producing limited returns and risks.Investors are often concerned about the complexities associated with these products although they are marketed as […]
Webb Ward wrote a new post, 4 simple steps and understand how much student debt is too much , on the site Webb 2 weeks, 4 days ago
How much debt is too much for student loan debt – this is a very common question which is often asked by the students and the parents. Besides being common, it is a tricky question as there are a number of […]
Webb Ward wrote a new post, Willing To Trade With Automated Trading Systems? Here Are A Few Brokers Who Offer This Facility, on the site Webb 2 weeks, 5 days ago
An automated trading system is often regarded as more advantageous as against the manual one as it involves little emotions, is faster in executing trades and ensures consistency amidst market volatility. However, […]
Sonika wrote a new post, Three Low-Cost Ways to Generate Leads for Accountants , on the site Business blogs 2 weeks, 6 days ago
Generating accounting leads, and that too really good ones, is a challenging job. No business can function without the discipline of accountancy. And since the accountancy principles applied across industries […]
constantitempurchasingpoweraccounting wrote a new post, Definition of hyperinflation, on the site Capital Maintenance in Units of Constant Purchasing Power™ 3 weeks, 1 day ago
Definition of hyperinflation
The generally accepted definition of hyperinflation in the world economy is 100% cumulative inflation over three years. It comes to 26% annual or 1.95% monthly inflation for […]
Terrence Stoker wrote a new post, A survival guide for the South African small business, on the site Money Think 3 weeks, 3 days ago
With job opportunities being limited and living costs on the rise, many South Africans dream of building their own successful, self-sufficient businesses. These efforts should be applauded. Start-up and smaller […]
Bertie wrote a new post, Small business owners here’s the answer to getting paid on delivery!, on the site Read This! 3 weeks, 3 days ago
All you plumbers, electricians or any other small business owners who ever had to deliver a service or product and handed over an invoice with the sinking feeling, “When am I going to get paid?” Quickly followed […]
Tom Brown wrote a new post, From Enterprises to SMBs—Why DDoS Attacks Are On The Rise, on the site Global Finance News 3 weeks, 3 days ago
According to new research, DDoS prevalence has never been higher and it continues to grow – now affecting websites of all sites, from all online industries.
DDoS and Enterprises
Enterprises and commerce websites […]
Chris Pentago wrote a new post, Tips on how to cut down business expenses, on the site Views of an average Joe. 3 weeks, 4 days ago
Nowadays, businesses are changing the way they operate. They have discovered that the profitability of their business largely depends on reducing expenses. Cutting down the cost is vital as it improves the […]
joys joy wrote a new post, Who Is the Car Title Loan Really Designed For?, on the site News 3 weeks, 5 days ago
The car title loan was never meant to target the masses, and this is probably the biggest problem that is associated with it. The press are quick to catch on that it has landed a lot of people in a lot of debt, […]
Webb Ward wrote a new post, A Retirement Lesson from the World Cup, on the site Webb 3 weeks, 6 days ago
Conservative investing has always had an image problem. For many years it suffered as the financial poster boy of those who ate corn flakes every morning and found the highlight of their day to be to be a warm tea […]
DeanPapan wrote a new post, 3 Unconventional Finance Options for the Expanding Business, on the site All about Finance 3 weeks, 6 days ago
Your business is booming. Your client list is varied, your staff members are motivated and engaged and you have an extremely strong reputation in the marketplace.
But what you don’t have is bags of […]
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