Receipt
A written record of a transaction.

Account
A collection of financial information grouped according to customer or purpose.

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

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

Audit
A systematic review or examination of the assertions or actions of a third party to evaluate conformance to some norm or benchmark.

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.

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.

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

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

Accrual Method Of Accounting
Accounts for income and expenses in the 12-month period earned or incurred, which is not necessarily when it is received or paid.