Consider the following accounting terms and definitions (Click the icon to view the definitions.) More Info Match the accounting terms with the corresponding definitions 1. Specific identification 2. Materiality concept Treats the oldest inventory purchases as th Requires that a company report enough information for outsiders to make knowledgeable decisions a. b. C. Identifies exactly which inventory item was sold. Usually used for higher cost inventory Calculates a weighted-average cost based on the cost of goods available for sale and the number of units available. d. 4. Conservatism 5 Consistency principle 6 Weighted-average 7. Disclosure principle 8 First-in, first-out (FIFO) e. Principle whose foundation is to exercise caution in reporting financial statement items f. Treats the most recent/newest purchases as the first units sold g. Businesses should use the same accounting methods from period to period h. Principle that states significant items must conform to GAAP. Print Done