A Good Business Model Is Essential for a New Venture

question 110

True/False

A good business model is essential for a new venture, but is seldom necessary for established businesses.

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Definitions:

Assets

Resources owned by a company deemed to have economic value and are expected to provide future benefits to the operations of the company.

Expenses

Costs that are incurred in the process of generating revenue.

Adjusting

The process of calculating the latest up-to-date balance of each account at the end of an accounting period.

Financial Reports

Financial Reports are official records that detail a company's financial performance, position, and cash flows over a specific period.