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

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

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

Accrual Method Of Accounting
Accounts for income and expenses in the 12-month period earned or incurred, which is not necessarily when it is received or paid.

Balance Sheet
A statement listing a business's assets, liabilities, and net worth, or equity.

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.

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

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

Accounts Payable
Amounts that a business owes

Statement
A formal written summary of outstanding invoices.