tional income in detail, its three main forms emerge:
(i) National output (net value of goods and services)
(ii) National income (sum total of all factor incomes)
(iii) National expenditure (sum total of all final expenditure).
ADVERTISEMENTS:
Statistical statements relating to these aspects and aggregates of national income are known as National Income Accounts. These accounts are maintained in the form of double entry system. These accounts are statistical statement which indicates the values of the total final output produced in various sectors of the economics, together with the details of distribution of factor payments among different sectors and the final consumption and the investments expenditure of the economy.
On the basis of above analysis, national income accounts may be defined as a “set of systematic, statistical statements, which reflect the value of total final output produced in various sectors of economy together with the detail of distribution of factor incomes among different factors and final expenditure of the economy.