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

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.

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

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.

Receipt
A written record of a transaction.

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.

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

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

Statement
A formal written summary of outstanding invoices.