A Written Document That Describes the Proposed Venture in Terms

question 22

Multiple Choice

A written document that describes the proposed venture in terms of the product or service opportunity, current resources, and financial projections is called a:

• A) financial plan
• B) business plan
• C) entrepreneurial plan
• D) survival plan

---

Definitions:

Accounts Payable

Short-term financial obligations or debts a company owes to its suppliers or creditors for goods and services received.

General Journal

A primary accounting record used to record all types of transactions before they are posted to individual accounts in the general ledger.

Specialized Journals

Accounting books or ledgers used to record and track transactions of a specific type, such as sales or purchases, separately from the general ledger for greater efficiency and accuracy.

Accounting System

An Accounting System is a structured process of collecting, recording, summarizing, and reporting financial transactions of a business or organization to provide accurate financial statements.