Sophia ACC 201 Milestone 2 Retake Exam (2026/2027) PDF | Accounting | SNHU

Sophia ACC 201
Milestone 2
Retake Exam
Actual Questions and Revised Answers

Southern New Hampshire University

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18/18 that's 100%
RETAKE
18 questions were answered correctly.
1
An account that is not closed at the end of the accounting period is called a(n)
__________.
 permanent account

 income summary account

 expense account

 temporary account

CONCEPT
Closing Entries
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2
When an accountant makes sure that expenses are recorded when they are incurred,
and compares those expenses to revenues for the same period, he is observing the
________ principle.
 matching

 cost

 full disclosure

 time period

CONCEPT
Conceptual Framework and Principles
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3
The statement of changes in owner's equity is a financial statement _______________
that provides information about changes to the equity of a business for
___________________.
 prepared second, a given time period




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