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

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

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

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

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

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.

Accounts Payable
Amounts that a business owes

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

Receipt
A written record of a transaction.

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