The reference to a wall clock is how the term originally got its name wall time differs from time as measured by counting microprocessor clock pulses or cycles.
The wall clock time.
Wall time also called real world time or wall clock time refers to elapsed time as determined by a chronometer such as a wristwatch or wall clock.
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Wall time is thus different from cpu time which measures only the time during which the processor is actively working on a certain task.
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Elapsed real time real time wall clock time or wall time is the actual time taken from the start of a computer program to the end.
Wall clock time is the time that a clock on the wall or a stopwatch in hand would measure as having elapsed between the start of the process and now.
In other words it is the difference between the time at which a task finishes and the time at which the task started.
The units are seconds and subseconds which might be microseconds or nanoseconds.
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The user cpu time and system cpu time are pretty much as you said the amount of time spent in user code and the amount of time spent in kernel code.