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

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

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

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

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

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

Accounts Payable
Amounts that a business owes

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

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.

Receipt
A written record of a transaction.