The Goals and Standards Quadrants of the GAPS Analysis Are

question 2

True/False

The goals and standards quadrants of the GAPS analysis are focused on the present.

---

Definitions:

Credit Balance

A situation where the total credits in an account exceed the total debits, often reflecting a positive balance in financial accounts.

Notes Payable

Notes payable are written agreements where a borrower agrees to pay back a specified amount of money, plus interest, to a lender at a future date.

Accounts Receivable

Amounts owed to a business by its customers for goods or services delivered but not yet paid for.

Journalize

The act of recording transactions in the journal as part of the accounting process.