Receipt
A written record of a transaction.

Ledger
A physical collection of related financial information, such as revenues, expenditures, accounts receivable, and accounts payable.

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.

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

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

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

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

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

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

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