Classifications under social accounting include:
Last updated Jun 24, 2026
Correct Answer:
Option B —
households, governments, enterprise
The Three Main Sectors in Social Accounting:Households: This sector provides factors of production (like labor and land) and consumes the goods and services produced by other sectors.
Governments: This sector collects taxes and provides public services (like defense and infrastructure). It acts as both a consumer and a producer.
Enterprises (Business Sector): These are the firms that produce goods and services for sale in the market.
Why the other options are incorrect:
A) Assets, liabilities, debt position: These are classifications used in Micro-accounting (for a single business) or a Balance Sheet, not social accounting.
C) Income, product, expenditure: These are the three methods used to measure National Income, not the sectors themselves.
D) Public, private, and joint sector: These are classifications of industries based on ownership, often used in the context of an industrial policy rather than social accounting frameworks.
Answer verified by Quintessence Classes faculty — Karan Nagar, Srinagar.
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