Question

Social accounting is a way of calculating and reporting on an organisation's ethical and social performance. It is principally concerned with offering a complementary form of accounting as an alternative to the dominant economic and profit-orientated emphasis of companies.

Required:

(a) Describe the meaning of social accounting.

(b) Explain four main aims of social accounting

(c) Describe how society is seen to benefit from implementing a social approach to accounting

(d) What are the needs an organisation wants to satisfy through the process of social accounting?

(e) State three essential features of social accounting which distinguish it from traditional accounting.