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

Receipt
A written record of a transaction.

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

Statement
A formal written summary of outstanding invoices.

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

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

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

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.

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.