It depends upon the context, and the nature of the slang. Simple exclamations of disbelief such as "Fair dinkum!" are fine in normal social circumstances, but the hardened Australian bushman is known for his colourful slang, which would not be acceptable in the same circumstances.
Yes it is socially acceptable.
why is it necessary for young boys and girls to be socially acceptable to others
In certain African native tribes, women often have their breasts on display as it is seen as socially acceptable. There are also native Amazonian tribes where it is socially acceptable to have women's breasts on display.
Because it is not very socially acceptable to have sex before marriage and it is very socially acceptable to have abortions.
For eighteenth century women, the role in music that was socially acceptable was that of a performer. It was not acceptable at the time for women to be composers.
The term yobbo is Australian slang for an uncultivated person.
The Australian slang term for girls or women is sheila.
"G'day" IS Australian slang - it's short for "Good Day."
"Aussie" is short for "Australian" "Bird" is Australian slang for a girl Thus, an Aussie bird is slang for an Australian girl
it is not acceptable
The Australian term (not slang) for French fries is "chips".
"Slang" means informal, socially un-acceptable, vulgar, or playful. During WWII, Americans were often called "Yanks", short for "Yankees." In South Vietnam, nearly all US servicemen were called "GI." Both Yank and GI are slang words. During the US Civil War, Confederate soldiers were called "Rebs" short for Rebel, which in itself is short for "Rebellion" (because that's what the Confederates were doing...rebelling against the United States of America). The word Reb is a slang word. Whether or not the words "socially un-acceptable" or "vulgar", or "playful" depends entirely on whose offended by the word.