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Instruction: Use the tabs above to navigate back and forth between sections. Match the following underlying concepts of to the business applications described below. (Hint: More than one answer may apply). To view the objectives of financial reporting and the concept that underlie financial reporting click here. The company makes every effort to complete its financial statements within one week after the end of the accounting period Comparability Management provides detailed information about the company's notes receivable in the notes to the financial statements. A minor error is discovered after reports are distributed. The error is corrected in the following period rather than restating the financial statements. Timeliness A company follows the policy of recognizing a loss on inventory when the market value of an item falls below its cost but does nothing if the market value rises Consistency When management chooses a single accounting method and follows that method from year to year. Full disclosure Materiality Conservatism