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Social accounting system in India is classified into -
- a)Enterprise, households, and government
- b)Assets, Liabilities, and debt position
- c)Public sector, Private sector, and Joint sector
- d)Income, product, and expenditure
Correct answer is option 'D'. Can you explain this answer?
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Social accounting system in India is classified into -a)Enterprise, h...
Social accounting is a method by which a firm seeks to place a value on the impact on society of its operations. It is a systematic analysis of the effects of the organisation on its shareholders, with stakeholder input as part of the data that are analysed for the accounting statement. One social accounting system primarily attempts to measure National Income, final product, consumption, and capital accumulation.
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Social accounting system in India is classified into -a)Enterprise, h...
Social accounting system in India
Social accounting system is a framework that measures the social and economic outcomes of an economy. In India, the social accounting system is classified into three main categories, which are:
1. Income
2. Product
3. Expenditure
Income
Income is the total amount of money earned by individuals, companies, and the government in a given period. The social accounting system measures income in India through the following aspects:
- National Income: It measures the total value of goods and services produced in the country in a given period.
- Per Capita Income: It measures the average income earned per person in the country in a given period.
- Distribution of Income: It measures the distribution of income among different sections of the society.
Product
Product refers to the total output of goods and services produced in a given period. The social accounting system measures product in India through the following aspects:
- Gross Domestic Product (GDP): It measures the total value of goods and services produced in the country in a given year.
- Gross National Product (GNP): It measures the total value of goods and services produced by the country's residents, both locally and abroad, in a given year.
- Net Domestic Product (NDP): It measures the total value of goods and services produced in the country in a given year, minus the depreciation of the capital stock.
Expenditure
Expenditure refers to the total amount of money spent on goods and services in a given period. The social accounting system measures expenditure in India through the following aspects:
- Consumption Expenditure: It measures the total amount of money spent by households on goods and services.
- Investment Expenditure: It measures the total amount of money spent on capital goods such as machinery, equipment, and buildings.
- Government Expenditure: It measures the total amount of money spent by the government on goods and services.
Conclusion
In conclusion, the social accounting system in India is classified into income, product, and expenditure. These three aspects are measured to determine the economic and social outcomes of the country. The social accounting system helps in identifying the strengths and weaknesses of the economy and formulating policies to improve the country's economic and social conditions.
Social accounting system is a framework that measures the social and economic outcomes of an economy. In India, the social accounting system is classified into three main categories, which are:
1. Income
2. Product
3. Expenditure
Income
Income is the total amount of money earned by individuals, companies, and the government in a given period. The social accounting system measures income in India through the following aspects:
- National Income: It measures the total value of goods and services produced in the country in a given period.
- Per Capita Income: It measures the average income earned per person in the country in a given period.
- Distribution of Income: It measures the distribution of income among different sections of the society.
Product
Product refers to the total output of goods and services produced in a given period. The social accounting system measures product in India through the following aspects:
- Gross Domestic Product (GDP): It measures the total value of goods and services produced in the country in a given year.
- Gross National Product (GNP): It measures the total value of goods and services produced by the country's residents, both locally and abroad, in a given year.
- Net Domestic Product (NDP): It measures the total value of goods and services produced in the country in a given year, minus the depreciation of the capital stock.
Expenditure
Expenditure refers to the total amount of money spent on goods and services in a given period. The social accounting system measures expenditure in India through the following aspects:
- Consumption Expenditure: It measures the total amount of money spent by households on goods and services.
- Investment Expenditure: It measures the total amount of money spent on capital goods such as machinery, equipment, and buildings.
- Government Expenditure: It measures the total amount of money spent by the government on goods and services.
Conclusion
In conclusion, the social accounting system in India is classified into income, product, and expenditure. These three aspects are measured to determine the economic and social outcomes of the country. The social accounting system helps in identifying the strengths and weaknesses of the economy and formulating policies to improve the country's economic and social conditions.
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Social accounting system in India is classified into -a)Enterprise, households, and governmentb)Assets, Liabilities, and debt positionc)Public sector, Private sector, and Joint sectord)Income, product, and expenditureCorrect answer is option 'D'. Can you explain this answer?
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