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Social accounting is concerned with the development of measurements system to monitor social performances. It is rational assessment of and reporting on some meaningful domain of business enterprise activities that have social impact. It aims at measuring (either in monetary or non-monetary units) adverse and beneficial effects of such activities both on the firms and these affected by the firms. It is an expression of company’s social responsibilities and requirements of general corporate accountability. The information of social accounting is communicated to social groups both within and outside the firms. In conventional accounting measurement of economic consequences in terms of money is the primary function but social
accounting seeks to determine important variables of social consequences in terms of socioeconomic non-monetary effects along with economic consequences.