Presented below are four concepts discussed in this chapter.

(a) Time period assumption

(c) Full disclosure principle

(b) Cost principle

(d) Conservatism Match these concepts to the following accounting practices. Each letter can be used only once.

1. R__ Recording inventory at its purchase price.

2. Using notes and supplementary schedules in the financial statements.

3. _-Preparing financial statements on an annual basis.

4. Using the lower of cost or market method for inventory valuation.