Such rentals payable by lessees to lessors are treated as purchases of " services produced " by the leasing enterprises, and recorded either as intermediate consumption of renting enterprises, or as the final consumption of households or government.
22.
Thus, intermediate consumption is an accounting flow which consists of the total monetary value of goods and services " consumed or used up as inputs in production " by enterprises, including raw materials, services and various other operating expenses.
23.
In such cases it is necessary to distinguish whether items are intermediate consumption or, alternatively, a remuneration " in kind " to employees ( for example, fringe benefits such as company cars and meal tickets for private use ).
24.
Acquisition of goods and services is made through production by the government ( using the government's labour force, fixed assets and purchased goods and services for intermediate consumption ) or through purchases of goods and services from market producers.
25.
In national accounts such as the United Nations System of National Accounts ( UNSNA ) or the United States National Income and Product Accounts ( NIPA ), gross value added is obtained by deducting intermediate consumption from gross output.
26.
In modern national accounts, an empirical proxy of the depreciation charges + intermediate consumption; a stock measure of constant capital would be the fixed capital stock plus the average value of inventories held during the period of account ( usually a year ).
27.
However, because the " circulating " component of constant capital ( denoted " Cc " ) includes purchases of external services and other operating costs, the stock of Cc is sometimes measured as the flow of intermediate consumption divided by the average inventory level.
28.
Yet, if an enterprise owns its own buildings, machinery and equipment, most of the costs associated with their use are " not " recorded under intermediate consumption; depreciation charges are included in gross value added, and interest costs, both actual and implicit, are included in net operating surplus.
29.
Economic reproduction involves the physical " production " and " distribution " of goods and services, the " trade " ( the circulation via exchanges and transactions ) of goods and services, and the " consumption " of goods and services ( both productive or intermediate consumption and final consumption ).
30.
GFCF is " not " a measure of " total " investment, because only the value of net additions to fixed assets is measured, and all kinds of " financial " assets are excluded, as well as stocks of inventories and other operating costs ( the latter included in intermediate consumption ).
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