What is the difference between gross sales and gross receipts as far as an audit is concerned?

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GROSS RECEIPTS is the total amount received prior to the deduction of any allowances, discounts, credits, etc. GROSS REVENUE is income (at invoice values) received for goods and services over some given period of time. GROSS SALES is the total revenue at invoice value prior to any discounts or allowances. Gross Receipts = Gross Revenue = Gross Receipts They are all the same thing, which is the total amount of revenue that a business generates during a year prior to taking any discounts, allowances, etc. Gross Sales - COGS = Gross Profit Gross Receipts - COGS = Gross Profit Gross Revenue - COGS = Gross Profit
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What is the difference between a gross sale and a net sale?

Gross sales mean what you are charged as the overall total of your bill and net is all other deductions subtracted with what ever balance is left being your net. Gross sales is defined to be the total invoice value of sales, before deducting customers' discounts, returns, or allowances. Net S ( Full Answer )

What is the difference between gross and net?

Gross and Net Gross refers to the total and Net refers to the part of the total that really matters. Gross vs Net Income In accounting, for a P&L (profit and loss statement, Gross profit , or Gross income , or Gross operating profit is the difference between revenue and the cost of makin ( Full Answer )

What is the difference between net and gross values?

Gross and Net difference . As far as my knowledge goes, the difference between net and gross values is that the gross value is the value before deductions, while net is basically after deductions from your gross value. Hope it helps!

What is the difference between gross sales and net sales when reporting taxes?

Answer . Gross sales is how much money came in. (Let's say I sold 100 widgets at $10 each, my gross sales would be $1,000). Net sales is the profit after expenses (let's say I bought those 100 widgets from a manufacturer at $ 8 each. My profit per widget was only $2, so my net sales would be $2 ( Full Answer )

Is gross sales the same as gross income?

They are not the same, although they can be.. Gross sales are just what it says...sales before any adjustments.. Gross income would include ALL income from all sources. You could sell items, but you could also rent items (which would be shown as Rental Income). Or, you could make a loan to someo ( Full Answer )

What is the difference between gross sales and revenue?

Gross sales represents the total amount you received for an item; whereas revenues refer to the total amount you received less any discounts. For example, If you sell your widget for $100, your gross sales are $100. If you offered a 5% discount, then your gross sales are still $100; whereas your rev ( Full Answer )

Difference between gross and net profit?

Gross means, before including expenses in the calculation. Net means, expenses have been included in the calculation (income minus expenses). Actually, "profit" also implies "net", so the correct term would be "gross income", not "net profit".

What is the difference between gross vehicle weight and gross vehicle weight rating?

Gross Vehicle Weight is what a vehicle weighs at any given time. If you drove onto a scale you would see your present Gross Vehicle Weight. It can change depending on what you have in the vehicle (gas, passengers, cargo) and the tongue weight (the weight the tongue of a trailer places on your hitch) ( Full Answer )

What is the potential relationship between gross sales and profits?

The potential relationship between gross sales and profits are that if the gross sale decreases that also affects the profits by decreasing them because the gross sales are the total amount of the sale before any discounts or allowances are made on the sale. If the gross sales increase then the amo ( Full Answer )

What is gross and net receipts?

Gross receipts are the total of all sales with out the deduction ofany expenses. Net receipts are the gross receipts minus returns,allowances and discounts.?æ

What is the difference between Gross Domestic Product and Gross National Product?

The Gross Domestic Product and Gross National Product aremeasurements of the value of the total worth of a nation. Domesticproduct calculates based on the physical borders of the country,whereas the National product calculates based on its citizens, evenif those citizens are out of the country.

Difference between Negligence and Gross Negligence?

I am not a lawyer, but in a recent discussion with my attourney she stated that the difference between simple and gross negligence was that "simple" was unintensional, showed no intent. "Gross" basically equates to showing more intent or flat out stupidity.

What is the difference between true gross income and gross income?

Gross pay is equal to your salary minus any automatic (non-taxable) deductions such as health insurace and 401K deductions. . True Gross pay equals your total salary. . Example: . An employee gets paid $10 per hour and works for 40 hours. They also have insurance and 401K deductions of a total o ( Full Answer )

What is the difference between a ton and a gross ton?

Gross tonnage is a technical term used to determine the size of a ship for legal reasons \n. A ton is a unit of measure weighing 2,000 pounds. \n This may also mean: \n. TON: A ton of product + the weight of packaging. \n. Gross Ton: Total weight of product and packaging.

What is the difference between gross margin and gross profit?

Gross Margin = (Gross Profit/Sales)*100 Gross Profit = Sales - Cost of Sales Or in words, the Gross Margin is an expression of the Gross Profit as a percentage of Sales, where the Gross Profit is Sales minus the Cost of Sales.

What is the difference between gross vehicle weight rating and gross combination weight rating?

Gross Vehicle Weight Rating, or GVWR is the rating given to a vehicle by the manufacturer. It can usually be found on the door pillar post (open the door and look for the sticker). Gross Combination Weight Rating is normally the weight assigned to a power unit (Truck Tractor) when speaking in terms ( Full Answer )

Difference between gross income and income?

Income is a general term referring to one's financial gain, whether earned or unearned, received as wages, or for services, from the sale of goods or property, or as earnings on investments over a given period of time.. Gross income is the total income earned from all sources (e.g. wages, property) ( Full Answer )

What is the difference between a gross sales value and gross development value?

gross sales value is the cost incurred for making the product available in market where as gross developmental value is the marginal value of a product which is already on market for sale.development value is similar to that of value added tax ,where tax is levied on the additional/marginal value ad ( Full Answer )

What is the difference between net and gross measurements?

Gross is without deductions and Net is with deductions in the end it depends on what your deducting rather it be money for income or people dropping out of school for finding the total attendance in schools.

Difference between gross internal floor area and gross floor area?

Gross floor area or Gross external floor area includes perimeterwall thicknesses and external projections, it excludes openbalconies but includes open sided covered areas. Gross internalfloor area includes the whole area enclosed within the externalwalls and includes open sided covered areas (should ( Full Answer )

Definition of gross receipts?

This is the total amount of money received by your company for their products or services. it includes all related expenses

What is the difference between 'gross' and 'net'?

gross is before taxes and net is after taxes and deductions In the case of a can of peas, Net is the weight of the peas themselves...Gross is the weight of the peas, the fluid and the can itself. Gross is always the weight including packing...Net is the actuial weight of the article itself. Gro ( Full Answer )

What is the difference between negligence and gross negligence?

Negligence in the case of personal injury lawsuits is proven by showing that there was a certain standard of care that existed on the part of the defendant. Gross negligence indicates that the defendant fell far below the ordinary standard of care. Basically, they were negligent to an extreme extent ( Full Answer )

What is the difference between gross and net dscr?

Gross DSCR= Cash accruals ( Profit after tax + Depreciation) + Interest ----------------------------------------------------------- Installments of loan + Interest Net DSCR = Cash Accruals (PAT + Depreciation) -------------------------------------- Installments

What is the difference between adjusted gross income and gross income?

Gross income on the 1040 income tax return is the total amounts of all of your worldwide taxable income added together that is on page 1 line 22 Total Income of the 1040 tax form. From the line 22 total taxable income you can have some amounts from line 23 through line 35 that can be used to reduc ( Full Answer )

Is gross sales the same as gross profit?

Gross sales means the actual sales before any deductions of salesreturns and discounts while gross profit is that profit which isrevenue minus direct expenses.

What are the differences between gross profits and net sales?

In accounting, gross profit or sales profit is the difference between revenue and the cost of making a product or providing a service, before deducting overhead, payroll, taxation, and interest payments. Note that this is different from operating profit (earnings before interest and taxes).

What is net sales and gross sales?

NET SALES: Gross sales minus returns, discounts, and allowances. GROSS SALES: Total invoice value of sales, before deducting for customer discounts, allowances, or returns.

Why is there a difference between net and gross profit?

Gross profit is the total amount of money that you get. And net profit is the amount left after you subtract your costs. For example, if you sold a toy on Ebay for 100.oo dollars. Your gross profit would be 100. You spent 30 dollars on the items and 6 dollars to list on ebay. subtract your expenses ( Full Answer )

What is the difference between gross and net in oil?

Gross is the total amount and net is the amount divided by their working interest. Example, company drills 10 wells but have 50% working interest, their net would be 5 (gross wells 10, net wells 5).

Why is there a difference between gross and net income?

Gross pay is the number of hours times base hourly rate. Net is what is left after Insurance, FICA, Fed and State deductions. In other words, Gross is what you make, Net, is what you spend.

What is the difference between gross profit and profit?

for this answer, I have used "ULTIMATE BOOK OF ACCOUNTANCY" Ans : Gross Profit is Total Profit earned by a business.... whereas profit means net profit, it means .. Gross Profit - Indirect expenses + indirect incomes = profit or net profit For more detail .. please see... "ULTIMATE BOOK OF ACC ( Full Answer )