Receipt
A written record of a transaction.

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

Statement
A formal written summary of outstanding invoices.

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.

Blue Book
This is the term commonly used to describe the Government Finance Officers Association publication Governmental Accounting, Auditing and Financial Reporting. Initially, the blue book was the authoritative source for GAAP for state and local governments.

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

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

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

Base Adjustment
Adjustments made to the initial base level budget to reflect total base level funding available to the agency. The list of acceptable base level technical and policy adjustments are included in the biennial budget instructions. Adjustments are generally made on a technical or policy basis. Examples of technical adjustments are one-time appropriations and program sunsets. Examples of policy adjustments are salary increases and space rental changes.

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