Match the accounting terms with the corresponding definitions. Accounting Term 1. Specific identification 2. Materiality concept 3. Last-in, first-out (LIFO) 4. Conservatism 5. Consistency principle 6. Weighted-average 7. Disclosure principle 8. First-in, first-out (FIFO) Definition c. Identifies exactly which inventory item was sold. Usually used for higher cost inventory. h. Principle that states significant items must conform to GAAP. a. Treats the oldest inventory purchases as the first units sold, g. Businesses should use the same accounting methods from period to period. b. Requires that a company report enough information for outsiders to make knowledgeable decisions. d. Calculates a weighted-average cost based on the cost of goods available for sale and the number of units available. 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.