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

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

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.

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.

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

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.

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

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

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.