The Accounting Convention That Justifies the Omission of Insignificant Information

question 159

Short Answer

The accounting convention that justifies the omission of insignificant information when its omission or misstatement would not mislead a user of the financial statements

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Definitions:

Libido

In psychoanalytic theory, it represents the energy of the sexual drive as a component of the life instinct.

Sexual Instinct

An intrinsic part of human behavior, driven by the biological and psychological urge to engage in sexual activities.

Pleasure Principle

A psychoanalytic concept suggesting that individuals seek immediate gratification of needs and desires to experience pleasure and avoid pain.

Collective Unconscious

A concept in Jungian psychology referring to part of the unconscious mind shared among beings of the same species, containing universal experiences and archetypes.