Yes, that's how it would work.
If you're knitting flat, the slipped stitch might be to make a tidier looking edge and may or may not be the best way for you to do it. Does it say to slip the first stitch of every row? Can you provide a link to your pattern? You might have to make a few more posts before you can post a link.
Happiness is catching that dropped stitch while it's still fixable..