If an Entrepreneur Has a Good Enough Product or Service

question 93

True/False

If an entrepreneur has a good enough product or service to sell, a business plan is not really necessary since the product or service will sell itself.

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Definitions:

Income Summary

An account to which the revenue and expense accounts are transferred at the end of a period to summarize the results of operations.

Year

A period of time consisting of 365 days (366 in a leap year), used as a basic unit of time for most calendar systems to measure durations and segment accounting periods.

Adjusted Trial Balance

A list of all accounts and their balances after adjusting entries are made, used for preparing financial statements.

Statement of Financial Position

Another term for a balance sheet, detailing a company's assets, liabilities, and equity at a specific point in time.