A discussion of Soviet accounting concepts, procedures, and numerical estimates of national income and product, focusing on current accounting practice, published data, and special problems. The Soviet method sets boundaries between productive and nonproductive labor, between material product and services, although this distinction is blurred in practice. Gross Social Product (GSP) means total of material values produced. Net Material Product (NMP) means national income, based on new Soviet labor, grouped by labor earnings and surplus value. Value of output is computed by gross turnover, gross production, and net production, at prevailing prices. Reliability of official data seems less doubtful than 20 years ago. Foreign trade is valued at domestic prices, while defense still remains outside material production. The inclusion of rapidly growing research in national income would stimulate rate of growth. The Soviet system conflicts with resource allocation requirements. The economy must move toward decentralization and more meaningful prices. 71 pp. Ref.