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.

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

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

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

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

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.

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.

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.

Accounts Payable
Amounts that a business owes