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

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

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.

Bookkeeping
The task of recording the amount, date, and source of all business revenues and expenses. Bookkeeping is essentially the starting point of the accounting process. Only with accurate bookkeeping numbers can meaningful accounting be

Accounts Payable
Amounts that a business owes

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

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

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.

Statement
A formal written summary of outstanding invoices.

Receipt
A written record of a transaction.