Cash Method Of Accounting
Accounts for income and expenses when actually received or paid.

Statement
A formal written summary of outstanding invoices.

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.

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

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.

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

Net Income
Gross income less expenses; it represents a business's profit for a given year.

Compliance Audits
Compliance audits are internal or external audits performed to evaluate whether systems or processes are designed and operating effectively to ensure compliance with pertinent laws, rules, regulations, and internal policies and procedures

Invoice
A written record of a transaction, often submitted to a customer or client when requesting payment.