Match the accounting terms on the left with the corresponding definitions on the right. 1. Prudence 2.

Match the accounting terms on the left with the corresponding definitions on the right.

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1. Prudence 2. Full disclosure 3. Moving average cost 4. FIFO 5. Consistency 6. Materiality 7. Specific identification a. Assigns the most recent inventory costs to end ing inventory b. Inventory costing method where a new weighted average cost per unit is computed and is used to value ending inventory and cost of goods sold c. This is the basis for using lower of cost or net d. Principle that prevents a company from using e. Identifies exactly which inventory item was f. Requires that a company report enough infor g. Principle that states significant items must realizable value. a different inventory costing method each year sold. Usually used for unique inventory items mation for outsiders to make decisions conform to IFRS and Canadian ASPE.