Accrual Method Of Accounting
In the context of a financial audit, audit findings represent weaknesses or deficiencies in internal controls, or instances of noncompliance with applicable laws and regulations, that are presented in an audit report.

Accounts Payable
Amounts that a business owes

Bad Debt
Money owed for a business debt that cannot be collected

Accounting
term that refers to the overall process of tracking your business's income and expenses, and then using these numbers in various calculations and formulas to answer specific questions about the financial and tax status of the business.

Statement
A formal written summary of outstanding invoices.

Double-Entry Accounting
A system of accounting that records each business transaction twice.

Accounts Receivable
Amounts owed to a business that the business expects to receive.

Receipt
A written record of a transaction.

Blue Book
This is the term commonly used to describe the Government Finance Officers Association publication Governmental Accounting, Auditing and Financial Reporting. Initially, the blue book was the authoritative source for GAAP for state and local governments.

Balance Sheet
A statement listing a business's assets, liabilities, and net worth, or equity.