Whether it is compulsory for IT audit for gross sale of rs44lacs in a financial year?
Công ty Luật Á Đông say: In Vietnam I think it is labor code. Labor code is a legislation is promulgated by Congress it cove all issues relating to labor, employers, employee. see more here....luatsuadong.vn
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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…ne and the interest from that loan would be considered income, as well. If you do work for someone (like a mechanic), that would be considered "Labor Income".. Also, just because you sell something (which would be included in Gross Sales) doesn't mean it can be regarded as Income immediately. If you accept credit cards or payment plans, a sale does not equal income until the money is actually received by you.. If your business only sells items and only accepts cash for sales, then your Gross Sales and your Gross Income would probably be the same. ( Full Answer )
Gross sales is a figure which represents the total income earned through the sales process. Net sales is this total minus all overhead (salaries, marketing, warehousing etc.). Net sales figures are those which show the total profit earned by the organization.
Answer . If it is a publicly held entity they should post the financial statements on their website or provide a copy if you request one. (They are required to provide them.). If it is a privately held entity then you have to ask very politely and have a valid reason as to why you would need th…em. (They are NOT required to provide them.) ( Full Answer )
In the US, there is no law requiring that quarterly financial statements be audited. Financial statement audits are extremely expensive and time-consuming, so there should be some compelling reason for a company to have its financial statements audited. For the typical US company, the expense of… having its financial statements audited is probably not worth any benefit it might receive as a result of the audit, and for US nonpublic companies, audits are not required by law. An outsider such as a bank might want to see audited financial statements from a prospective borrower, but even then, audits are so expensive that this would be relatively rare. The company might need another loan just to pay for the audit! However, publicly owned companies (companies that sell shares of stock to the general public), howver, are required by law to have an annual audit of their financial statements by an independent CPA. This is to help protect the public. However, not even publicly owned companies are required to have their quarterly financial statements audited. Only their annual financial statements must be audited. Although public companies must submit quarterly financial report information to the SEC, the first three quarters' financial statements need only be " reviewed " by an independent CPA. A review involves limited testing procedures that are much less in-depth and time-consuming (and expensive) than audit procedures, and this permits the company to submit its financial information to the SEC on a timely basis. However, the fourth quarter report submitted by a public company must include audited financial statements for the entire year. ( Full Answer )
Gross sales does not include tips, only money directly from sales.However, total gross receipts does include tips, usually figured tobe about 8 percent or the total.
gross sales tax is the tax you pay on total receipts/sales. basically you can't deduct any expenses before you pay the tax.
Sales tax is not included in gross sales. For example when an itemis sold for a total of $105 including $5 in sales tax the properjournal entry is a debit of $105 to cash, credit of $100 to sales,and a $5 credit to the sales tax payable account. The liability forsales tax should appear on the balanc…e sheet. ( Full Answer )
No. The sales tax is posted as a credit to the Sales Tax Payable Account. So, if you had a $100 sale plus $5 sales tax, you would debit cash $105, credit Sales $100 and credit Sales Tax Payable $5 Sales taxes are a collection you make for the State. It is funds entrusted to you by the State to be… paid over to them. They are not part of your sales or receipts. (Gross income will be sales less cost of sales. This is before selling, general, administrative, interest and tax expenses are taken out.) ( Full Answer )
To get the percentage of gross sales, you put your variable overthe figure for gross sales. For instance, if cost of goods is whatyou are calculating, you put the COG over the gross sales figureand then divide.
\nGROSS RECEIPTS is the total amount received prior to the deduction of any allowances, discounts, credits, etc.\n. \nGROSS REVENUE is income (at invoice values) received for goods and services over some given period of time. \n. \nGROSS SALES is the total revenue at invoice value prior to any dis…counts or allowances.\nGross Receipts = Gross Revenue = Gross Receipts\n. \nThey 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.\n. \nGross Sales - COGS = Gross Profit\nGross Receipts - COGS = Gross Profit\nGross Revenue - COGS = Gross Profit ( Full Answer )
A financial audit looks into the legality of the financialstatements of a given company. Commercial audits confirm that acompany has the right to use the brands and products that itadvertises.
If gross profit ratio has been increased in first year and gross profit ratio has been decreased in second year then what is the financial position of the company?
it mean the cost of sale sale of company increase or the direct cost increase
If the gross profit ratio is the same for two years, the financialposition of the company is stable. It means the company is at thesame break even point as the year before, but does not constitutegrowth of profit.
NET SALES: Gross sales minus returns, discounts, and allowances. GROSS SALES: Total invoice value of sales, before deducting for customer discounts, allowances, or return.. No. The sales tax is posted as a credit to the Sales Tax Payable Account. So, if you had a $100 sale plus $5 sales tax, you wo…uld debit cash $105, credit Sales $100 and credit Sales Tax Payable $5.... ( Full Answer )
balance sheet. profit and loss acount. trail balance. cash flow and funds flow ....are the main
Financial statements give an idea about the financial position of the company, however, there are some limitations of the financial statements. The first limitation is that a financial statement ignores the productivity and the skills of the employees in an organization. Management Decision Analysis… Report gives an idea about it but financial statements are unable to evaluate the skills which a company has. Secondly, balance sheet does not give timely and relevant information because it is based on historical costs and it does not give a fair idea about the current position of the company. There are different accounting measurement systems therefore, use of different techniques by different companies can make the comparisons of financial statements difficult. Moreover, income statement is considered a fiction because cash is king and income statement ignores this fact. ( Full Answer )
It depends on exactly what you mean, but generally, sales tax is figured on net sales. For instance, if you buy an item for $100, but you trade an item for it that is worth $25, you only pay sales tax on the difference of $75, not the entire $100.
Auditing the financial statements of a business is a tedious process, the further the auditor wants to go back, the more difficult it becomes. In order to audit the financial statements of a company, the auditor has to go through all the financial statements, look at all receipts of moneys earned, s…pent, invested, etc and compare them to each and every entry to make sure that they match. Providing all accurate receipts, invoices, pay-roll information and other financial information will help make the process much easier and faster. ( Full Answer )
Not under any circumstance is a cash donation considered a gross sale. Cash donations made to the company are recorded as just that "donation". Cash donations made by the company are recorded as that as well. It does not go into sales at all. Gross Sales is just that "Gross Sales" donations or ot…her moneys received by the company should never be recorded into sales for any reason. ( Full Answer )
The first country to introduce the legislation of compulsory seat belts was Australia in 1970, with many other countries following shortly after. In Canada, seat belts were made compulsory in 1976. In the United States they were made compulsory in 1984.
So that the company will know how much it has made and how much it has in loss and to improve.
Gross profit ratio has been increased in first year and gross profit ratio has been decreased in second year then what is the financial position of the company?
This would completely depend on how far the gross profit ratio decreased in the second year compared to the ratio at the start of the year.
What are the differences and similarities in audits of financial statement compliance audits operational audits?
OPERATIONAL AUDIT. An operational audit is a systematic review and evaluation of an organizational unit to determine whether it is functioning effectively and efficiently, whether it is accomplishing established objectives and goals, and whether it is using all of its resources appropriately. Resou…rces in this context include funds, personnel, property, equipment, materials, information, space, and whatever else may be used by that unit. Operational audits can include evaluations of the work flow and http://www.answers.com/topic/propriety of performance measurements. These audits are tailored to fit the nature of the operations being reviewed. "Carefully done, operational auditing is a cost-effective way of getting a higher return from the audit function by making it helpful to operating management. COMPLIANCE AUDIT. A compliance audit determines whether the organizational unit or function is following particular rules or directives. Such rules or directives can originate internally or externally and can include one or more of the following: organizational policies; performance plans; established procedures; required authorizations; applicable external regulations; relevant http://www.answers.com/topic/contractual provisions; and federal, state, and local laws FINANCIAL AUDIT. A financial audit is an examination of the financial planning and reporting process, the conduct of financial operations, the reliability and integrity of financial records, and the preparation of financial statements. Such a review includes an appraisal of the system of internal controls related to financial function. ( Full Answer )
For the fiscal year sales were 4125800 sales discounts were 380000 sales returns and allowances were 186750 and the cost of merchandise was 2475500 What was the amount of net sales gross profit?
Sales 4125800 Less: sales discounts 380000 Returns and allowances 186750 Net discount and returns 566750 Cost of merchandise 2475500 Gross profit 1083550
First, you need customers who are interested in your product. Since most people don't go to banks anymore (anybody remember when banks would help you balance your checking, help you directly without showing you either a house phone or computer to a call center?), it is a difficult job to sell. Pho…ne calls don't always work because so many fraudulent transactions have resulted. Same with letters. Your sales skills only get you so far. A family member found the job almost impossible due to the quotas for cross-selling, tracking and lack of products that also made sense for the customers. ( Full Answer )
Look at it, and if it doesn't make sense, you're in the wrong line of work mate.
It's called a Motion To Clarify Child Support Owed. Have you requested a printout recently? see links below
Not necessarily. Gross sales means total sales from all sources (e.g. both retail and wholesale), before you deduct expenses. Retail sales are sales from retail ventures.
Under HR Audit, audit of HR procedures and process is done while infinancial audit, audit of finance related matters are done.
Some banks require your books to be audited before they will give you a loan
Gross sales means the actual sales before any deductions of salesreturns and discounts while gross profit is that profit which isrevenue minus direct expenses.
Cost audit is done to audit the cost elements of unit costs whilein financial audit, audit of financial statements is done to findout information provided is true and fair or not.
No, not all states require the subject humanitites to be taught. you can simply skip humanities by getting your parents to sign the Civil Rights and void of schooling declaration.
What is the difference between investigation audit and conventional audit in financial statement audit?
Purpose of investigation audit is to find out the evidance of thespecific agenda for which investigative audit is conducted whileconventional audit objective is to find out that financialstatements represents the true and nature of business or not.
NET SALES: Gross sales minus returns, discounts, and allowances. GROSS SALES: Total invoice value of sales, before deducting for customer discounts, allowances, or returns.
Unqualified audited financial statement is setof financial statements which are audited by external financialauditors and found "True and fair view" of financial statements andclear from any fraud etc.
Scientists don't make those decisions. Doctors can recommendvaccinations, but it comes down to personal choice, balancing therisk of disease with the risk (or even just the discomfort) thatcan come with vaccines. Only a small percentage of recipientssuffer adverse effects, but that is little comfort… if you happen tobe one of them. ( Full Answer )
In a financial audit, the management of an organization asserts that the financial statements are prepared in accordance with generally accepted accounting principles (GAAP), the applicable criteria.
If the company is publicly owned and must submit financial statements to the Securities and Exchange Commission (SEC), an annual financial audit is a basic requirement
" CONTINUOUS AUDIT " is essential to a bank so as to maintain a correct flow of amount in both in and out flow.
Audits are performed on financial statements in order to: . Prevent fraud . Eliminate errors or mistakes from the bookkeeping process Auditors must also ensure the information presented is: . Accurate . Reliable and valid . Meets SEC requirements . Adheres to GAAP . Conforms to tax …laws . Passes industry regulations . Discloses any events relevant to shareholders ( Full Answer )
To know if it is within the standard and to know the correctness of them.
yeah, i agree because with the financial education, the student will be learned and exposed to the national economic condition and world economic condition, then they know how to make the economic more better int the future, they also can become the great businessman because as we all know the econo…my can conquer the world ( Full Answer )
If my memory serves me right, I say yes. GROSS PROFIT = SALES less COST OF SALES.
Says, Bisworanjan Nayak. Lets start with the objective The objective of financial accounting is to prepare accounts, trial balance, financial statements etc The objective of auditing is to express an opinion thereon Auditing starts where accounting ends Auditing is the big brother of acco…unting Accounting involves more numbers Auditing involves checking these numbers However, more math is involved in accounting Accounting is concerned with details like transactions, account balances etc Auditing gives usually cursory view on accounts Accounting is a routine function Auditing gives an opinion on this function Accounts requires less specialized skills Auditing requires more specilised skills Accounting is usually less remunerative to an individual Auding is usually more remunerative to an individual I think this should help you to understand the job role of an accountant vis-a-vis auditor. In conclusion, Auditing is more interesting, challenging, dynamic, remunerative than accounting in general. ( Full Answer )
ATL was a relatively well liked movie by critics. It grossed about 21 million dollars. It just barely grossed more than its budget, 20 million dollars.
Whenever any business transaction occur It iscompulsory to make journal entry so this is true in case of salesas well.
Financial statement audits make sure that all records presents true and fair business dealings and there is no error in books of accounts.
Bureau of Financial Audit has written: 'An Analysis of Fund Balaces in the New York City Head Start Program'
The key benefits of compliance auditing on financial services thatthey will identify areas within your framework and operationalprocedures that do not meet the regulations and/or supervisor'sguidance. All audits should also provide solutions to theidentified weaknesses and they must also provide are…as of positiveperformance. Audits are not specific to the negative processes elsethey are basically useless in quality/compliance development ( Full Answer )