Accounts Payable
Amounts that a business owes

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

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

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.

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

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

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

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.

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.