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.

Receipt
A written record of a transaction.

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.

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

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

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

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.

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

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