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.

Accounts Payable
Amounts that a business owes

Statement
A formal written summary of outstanding invoices.

Adult Protective Services (APS
Adult Protective Services includes the 24-hour, 365 days a year access to assistance and/or referral with reports of physical, sexual or emotional abuse, neglect by caretaker, self-neglect, exploitation and abandonment.

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

Cash Letter
A group of checks accompanied by a paper listing sent to a clearinghouse, a Federal Reserve Bank, or another institution. A cash letter contains a number of negotiable items, mostly checks, accompanied by a letter that lists the amounts and instructions for transmittal to another bank. May also be called a transmittal letter.

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.

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.