Receipt
A written record of a transaction.

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.

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

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

Accounts Payable
Amounts that a business owes

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

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

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

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