State the Accounting Term That Applies to Each of the Following

Essay

State the accounting term that applies to each of the following definitions.
$$\begin{array} { | l | l | } \hline \text { Definition } & \text { Accounting Term } \\\hline \text { Principle that states significant items } & \\\text { must conform to GAAP. } & \\\hline \text { Treats the most recent/newest } & \\\text { purchases as the first units sold. } & \\\hline \text { Requires that a company report } & \\\text { enough information for outsiders to } & \\\text { make knowledgeable decisions. } & \\\hline \text { Identifies exactly which inventory } & \\\text { item was sold. Usually used for } & \\\text { higher cost inventory. } & \\\hline\end{array}$$