Social accounting and its objectives

Social accounting may be defined as identification and recording of business activities regarding social responsibility. Social responsibility concept is the one of the important concept of management . It is the duty of enterprise to do some social activities for completing their social responsibility .
Social accounting is very important tool to measure the performance of any company in view of social responsibility . Company has to make social responsibility income statement and balance sheet . But it is not compulsory to make these statements .

France , UK and USA are the top countries where social responsibility statements are made with other financial statements . In India social accounting is not so popular but some India companies are now focusing on social responsibility and also started to make social report for calculating to total cost and benefits for performing social responsibility .

Objectives of social accounting

Main objectives of social accounting are to help society by providing different facilities by enterprise and to record them. We can write them in following points

1. Effective utilization of natural resources

Main objectives of making social accounting is to determine whether company is properly utilize their natural resources or not .

2. Help to employees

Company can help employees by providing the facility of education to children of employees, providing transport free of cost and also providing good working environment conditions .

3. Help to society

Because companies' factories spread the pollution in natural society which is very harmful for society . So , enterprise can help to society by planting the trees , establishing new parks near factory area. and also opening new hospitals

4. Help to customers

In social accounting this the part of benefits given by company to society , if company provides goods to customers at lower rate and with high quality .

5. Help to investors

Company can help to investors by providing transparent accounting information to investors .

Because of many objectives are related to safeguarding of natural resources so this accounting is also known as Social and Environmental Accounting, Corporate Social Reporting, Corporate Social Responsibility Reporting, Non-Financial Reporting, Sustainability Accounting






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Accounting Education: Social accounting and its objectives
Social accounting and its objectives
Accounting Education
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