match the accounting terms with the corresponding definitions\naccounting term definition\nspecific…

match the accounting terms with the corresponding definitions\naccounting term definition\nspecific identification\nmateriality concept\nlast - in, first - out (lifo)\nconservatism\nconsistency principle\nweighted - average\ndisclosure principle\nfirst - in, first - out (fifo)\nbusinesses should use the same accounting methods from period to period.\ncalculates a weighted - average cost based on the cost of goods available for sale and the number of units available.\nidentifies exactly which inventory item was sold. usually used for higher cost inventory.\nprinciple that states significant items must conform to gaap\nprinciple whose foundation is to exercise caution in reporting financial statement items.\nrequires that a company report enough information for outsiders to make knowledgeable decisions\ntreats the most recent/newest purchases as the first units sold\ntreats the oldest inventory purchases as the first units sold.

match the accounting terms with the corresponding definitions\naccounting term definition\nspecific identification\nmateriality concept\nlast - in, first - out (lifo)\nconservatism\nconsistency principle\nweighted - average\ndisclosure principle\nfirst - in, first - out (fifo)\nbusinesses should use the same accounting methods from period to period.\ncalculates a weighted - average cost based on the cost of goods available for sale and the number of units available.\nidentifies exactly which inventory item was sold. usually used for higher cost inventory.\nprinciple that states significant items must conform to gaap\nprinciple whose foundation is to exercise caution in reporting financial statement items.\nrequires that a company report enough information for outsiders to make knowledgeable decisions\ntreats the most recent/newest purchases as the first units sold\ntreats the oldest inventory purchases as the first units sold.

Answer

Brief Explanations:

  • Specific identification: Identifies exactly which inventory item was sold. Usually used for higher - cost inventory.
  • Materiality concept: Principle that states significant items must conform to GAAP.
  • Last - in, first - out (LIFO): Treats the most recent/newest purchases as the first units sold.
  • Conservatism: Principle whose foundation is to exercise caution in reporting financial statement items.
  • Consistency principle: Businesses should use the same accounting methods from period to period.
  • Weighted - average: Calculates a weighted - average cost based on the cost of goods available for sale and the number of units available.
  • Disclosure principle: Requires that a company report enough information for outsiders to make knowledgeable decisions.
  • First - in, first - out (FIFO): Treats the oldest inventory purchases as the first units sold.

Answer:

  • Specific identification: Identifies exactly which inventory item was sold. Usually used for higher cost inventory.
  • Materiality concept: Principle that states significant items must conform to GAAP.
  • Last - in, first - out (LIFO): Treats the most recent/newest purchases as the first units sold.
  • Conservatism: Principle whose foundation is to exercise caution in reporting financial statement items.
  • Consistency principle: Businesses should use the same accounting methods from period to period.
  • Weighted - average: Calculates a weighted - average cost based on the cost of goods available for sale and the number of units available.
  • Disclosure principle: Requires that a company report enough information for outsiders to make knowledgeable decisions.
  • First - in, first - out (FIFO): Treats the oldest inventory purchases as the first units sold.