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

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.

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

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.

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

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

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.

Statement
A formal written summary of outstanding invoices.

Account
A collection of financial information grouped according to customer or purpose.

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