Concept:
In Indian iconography, gods and goddesses are often identified through their vehicles or vahanas.
Step 1: Match Bull.
Bull or Nandi is the vehicle of Shiva.
So,
\[
A \rightarrow III
\]
Step 2: Match Lion.
Lion is the vehicle of Goddess Durga.
So,
\[
B \rightarrow II
\]
Step 3: Match Buffalo.
Buffalo is associated with Yama.
So,
\[
C \rightarrow I
\]
Step 4: Match Elephant.
Elephant, especially Airavata, is associated with Indra.
So,
\[
D \rightarrow IV
\]
Thus, the correct matching is:
\[
A-III,\ B-II,\ C-I,\ D-IV
\]
Hence:
\[
\boxed{\text{(B)}}
\]