There is no doubt that the internet has extremely changed the lifestyle today. The internet has today connected the people of the world to each other. Today we have many social networking sites available, through which we are connected with the whole world. Social networking sites allow users to share ideas, digital photos, opinion, posts, chats, and video. Through social networking sites , we can get all the information about the world like world activities and events , news ,and new innovations Today peoples are growing up surrounded by mobile devices and interactive social networking sites such as  Face book, Instagram, WhatsApp, Twitter, MySpace  which has made the social media a vital aspect of their life . We have made social media sites an important aspect of our lives. But social networking sites also have positive and negative effects that affect our society. In this paper I am focusing on all aspects of social networking sites which have positive and negative effects on society. And special areas like education, younger generation, and society are also included.

KEYWORDS:  Financial Accounting, Accountability, Academics, Perspectives.