Problem1. Social accounting is way of measuring and reporting on organisation’s social and ethical performance. It is principally concerned with offering a complementary form of accounting as an alternative to dominant economic and profit-orientated emphasis of companies.
Required:
Question1. Describe the meaning of the term social accounting.
Question2. Explain four chief aims of social accounting.
Question3. Elucidate how society is seen to benefit from executing a social approach to accounting.
Question4. What are the needs an organisation wants to satisfy by the process of the social accounting?
Question5. Write down three essential features of social accounting which distinguish it from traditional accounting.