Share an explanation of the time value of money in your own words, What criteria do accountants use to decide whether to use present or future values in accounting statements? Many of us apply the time value of money in our personal lives - for example, when we invest dollars in a young child's bank account earmarked for his or her eventual college education. Share an explanation of the time value of money in your own words, What criteria do accountants use to decide whether to use present or future values in accounting statements? Many of us apply the time value of money in our personal lives - for example, when we invest dollars in a young child's bank account earmarked for his or her eventual college education