ABSTRACT
The socialist production process is one of planned allocation of labor time and striving to economize on labor time. In socialist society, there is not only a need for practicing frugality, but also a possibility for rationally and widely achieving frugality with respect to live and embodied labor on various battlefronts and in each individual sector of socialist production. To practice frugality is an important way to increase accumulation through self-reliance in the socialist country. Socialist economic accounting serves the interests of the laboring people and is in line with their basic interests. Economic accounting in China's socialist enterprise combines the laboring masses and the experts. Diligence and frugality have always been the virtue of the proletariat and the laboring people. Capital funds, production costs, profits, and other value categories in the socialist economic accounting system reflect socialist production relations. China's socialist economy under the collective ownership system of the laboring masses exists in agriculture, industry, transportation, and commerce.
