Whether it is compulsory for IT audit for gross sale of rs44lacs in a financial year?

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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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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 does gross sales mean?

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.

How do you get audited financial statements for hospital?

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 ( Full Answer )

Should quarterly financial statement be audited?

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 ( Full Answer )

Does gross sales include tips?

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.

What is gross sales tax?

gross sales tax is the tax you pay on total receipts/sales. basically you can't deduct any expenses before you pay the tax.

Is sales tax included in Gross sales?

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 ( Full Answer )

Does gross sales include sales tax?

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 ( Full Answer )

How do you calculate percent of gross sales?

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.

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

\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 ( Full Answer )

How do you calculate 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 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 ( Full Answer )

Disadvantages of financial audits?

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 ( Full Answer )

Is sales tax calculated on net sales or gross sales?

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.

How do you audit a financial statement?

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 ( Full Answer )

Cash donation a gross sale?

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 ( Full Answer )

What year were seat belts made compulsory?

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.

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 ( Full Answer )

How you can improve in sales in a financial institution?

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 ( Full Answer )

Are gross sales and retail sales the same?

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.

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.

Difference between cost audit and financial audit?

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.

Is humanties a compulsory subject in year 8?

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 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.

What is unqualified audited financial statement?

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.

Why can't scientists be sure whether vaccination should be compulsory?

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 ( Full Answer )

What standard governs financial audits?

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.

In what cases is a financial audit necessary?

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

Why you need financial statement audit?

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 ( Full Answer )

What is the difference between financial accounting and auditing?

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 ( Full Answer )

What were the gross sales of ATL in 2006?

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.

What is the impact of Compliance Auditing on Financial Services?

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 ( Full Answer )