For example, monthly capitalization with annual rate of interest means that the compounding frequency is 12, with time periods measured in years. The effect of compounding depends on: The nominal interest rate which is applied and. The frequency interest is compounded.
Poverty can lead to social injustice because the poor would be given little or no regard as compared to the rich.
<h3>What is social injustice?</h3>
Social injustice occurs when a less privilege individual or group is being treated unfairly by another, resulting in disadvantages to that individual or group, which can result in missed opportunities in terms of education, work, housing, health care, and more.
Poverty leads to social injustice because if a person is poor, they are not provided the things they need and they are not treated like how they should be. In other words, they are treated lowly compared to those who have higher social status in the society.
Hence, poverty can lead to social injustice because the poor would be given little or no regard as compared to the rich.
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When financial statements are revised to reflect the impact of a change in accounting principle, the <u>retrospective </u>approach is used.
<h3>What is financial statement?</h3>
Financial statement is use to record a company financial position as well as day to day operation or activities.
Hence, retrospective approach are often used in a situation where financial statements are revised so as to reflect the impact of a change in accounting principle.
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