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

In: Liability Insurance

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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

First answer by ID1122341678. Last edit by ID1122341678. Question popularity: 1 [recommend question]

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Gross sales (investment)
Gross Receipts (business term)

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