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Which of the following aptly describes the term System of National Accounts (SNA)?
- a)A collection of accounts based on set of international concepts and principles
- b)A collection of individual economic data points suitable for research
- c)A set of domestic accounting principles for each country to follow
- d)A collection of balance sheets and tables for individual companies
Correct answer is option 'A'. Can you explain this answer?
Verified Answer
Which of the following aptly describes the term System of National Acc...
A collection of accounts based on set of international concepts and principles. The System of National Accounts (SNA) is a consistent and integrated collection of macroeconomic accounts, balance sheets, and tables based on a set of internationally agreed concepts, definitions, classifications, and accounting principles.
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Which of the following aptly describes the term System of National Acc...
Understanding the System of National Accounts (SNA)
The System of National Accounts (SNA) refers to a comprehensive framework that provides a systematic approach to measuring economic activity within a country.
Key Features of SNA:
- International Standards: The SNA is based on internationally recognized concepts and principles, ensuring consistency and comparability across countries.
- Comprehensive Accounts: It includes various accounts such as production, income, consumption, and capital accounts, which collectively provide a detailed picture of an economy’s performance.
- Policy Relevance: The SNA is crucial for policymakers as it aids in economic planning, monitoring, and analysis by providing essential data on economic aggregates.
- Framework for Economic Data: By organizing economic data into a structured system, the SNA allows for better understanding and analysis of economic trends and relationships.
Why Option A is Correct:
- The description in option A captures the essence of the SNA, emphasizing its role as a collection of accounts founded on a set of international concepts and principles.
- In contrast, other options focus on more limited or specific aspects of economic data, which do not encapsulate the broader and systematic nature of the SNA.
Conclusion:
In summary, the System of National Accounts is a vital tool for understanding economic activity on a national level, adhering to international standards, and facilitating effective economic policy and research. This makes option A the most accurate description of the SNA.
The System of National Accounts (SNA) refers to a comprehensive framework that provides a systematic approach to measuring economic activity within a country.
Key Features of SNA:
- International Standards: The SNA is based on internationally recognized concepts and principles, ensuring consistency and comparability across countries.
- Comprehensive Accounts: It includes various accounts such as production, income, consumption, and capital accounts, which collectively provide a detailed picture of an economy’s performance.
- Policy Relevance: The SNA is crucial for policymakers as it aids in economic planning, monitoring, and analysis by providing essential data on economic aggregates.
- Framework for Economic Data: By organizing economic data into a structured system, the SNA allows for better understanding and analysis of economic trends and relationships.
Why Option A is Correct:
- The description in option A captures the essence of the SNA, emphasizing its role as a collection of accounts founded on a set of international concepts and principles.
- In contrast, other options focus on more limited or specific aspects of economic data, which do not encapsulate the broader and systematic nature of the SNA.
Conclusion:
In summary, the System of National Accounts is a vital tool for understanding economic activity on a national level, adhering to international standards, and facilitating effective economic policy and research. This makes option A the most accurate description of the SNA.
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Which of the following aptly describes the term System of National Accounts (SNA)?a)A collection of accounts based on set of international concepts and principlesb)A collection of individual economic data points suitable for researchc)A set of domestic accounting principles for each country to followd)A collection of balance sheets and tables for individual companiesCorrect answer is option 'A'. Can you explain this answer?
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Which of the following aptly describes the term System of National Accounts (SNA)?a)A collection of accounts based on set of international concepts and principlesb)A collection of individual economic data points suitable for researchc)A set of domestic accounting principles for each country to followd)A collection of balance sheets and tables for individual companiesCorrect answer is option 'A'. Can you explain this answer? for Bank Exams 2025 is part of Bank Exams preparation. The Question and answers have been prepared according to the Bank Exams exam syllabus. Information about Which of the following aptly describes the term System of National Accounts (SNA)?a)A collection of accounts based on set of international concepts and principlesb)A collection of individual economic data points suitable for researchc)A set of domestic accounting principles for each country to followd)A collection of balance sheets and tables for individual companiesCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for Bank Exams 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the following aptly describes the term System of National Accounts (SNA)?a)A collection of accounts based on set of international concepts and principlesb)A collection of individual economic data points suitable for researchc)A set of domestic accounting principles for each country to followd)A collection of balance sheets and tables for individual companiesCorrect answer is option 'A'. Can you explain this answer?.
Which of the following aptly describes the term System of National Accounts (SNA)?a)A collection of accounts based on set of international concepts and principlesb)A collection of individual economic data points suitable for researchc)A set of domestic accounting principles for each country to followd)A collection of balance sheets and tables for individual companiesCorrect answer is option 'A'. Can you explain this answer? for Bank Exams 2025 is part of Bank Exams preparation. The Question and answers have been prepared according to the Bank Exams exam syllabus. Information about Which of the following aptly describes the term System of National Accounts (SNA)?a)A collection of accounts based on set of international concepts and principlesb)A collection of individual economic data points suitable for researchc)A set of domestic accounting principles for each country to followd)A collection of balance sheets and tables for individual companiesCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for Bank Exams 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the following aptly describes the term System of National Accounts (SNA)?a)A collection of accounts based on set of international concepts and principlesb)A collection of individual economic data points suitable for researchc)A set of domestic accounting principles for each country to followd)A collection of balance sheets and tables for individual companiesCorrect answer is option 'A'. Can you explain this answer?.
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