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(a) the gross amount due from customers for contract work as an asset; and (b) the gross amount due to customers for contract work as a liability. (These should be separate line-items on the face on the balance sheet.) The gross amount due from/to customers for contract work is the net amount of: (a) costs incurred plus recognized profits; less
The Payment of Gratuity Act, 1972 is an Indian law that makes companies pay a one-time gratuity to retiring employees or employees who resigns after a minimum of 5 years of service. The law applies to all companies of at least 10 employees. [1] The gratuity is 15 days' wages for every year of employee service, or partial year over six months.
Leaving some change on the restaurant table is one way of giving a gratuity to the restaurant staff. A gratuity (often called a tip) is a sum of money customarily given by a customer to certain service sector workers such as hospitality for the service they have performed, in addition to the basic price of the service.
The Gross Domestic Income (GDI) is the total factor income payment done by all residents within a country. It includes the sum of all wages, profits, ...
In economics, gross output (GO) is a measure of the value of production of new goods and services during an accounting period.Gross output represents the total value of sales by producing enterprises (their gross revenue or turnover) in an accounting period (a quarter or a year), before subtracting the value of intermediate goods used up in production from the value of sales.
Gross domestic product (GDP) is defined as "the value of all final goods and services produced in a country in 1 year". [3] Gross national product (GNP) is defined as "the market value of all goods and services produced in one year by labour and property supplied by the residents of a country." [4]
A gross receipts tax or gross excise tax is a tax on the total gross revenues of a company, regardless of their source. A gross receipts tax is often compared to a sales tax ; the difference is that a gross receipts tax is levied upon the seller of goods or services, while a sales tax is nominally levied upon the buyer (although both are ...
GDP (Gross Domestic Product) is the value of all goods and services produced within a country during one year. GDP measures flows rather than stocks (example: the public deficit is a flow, measured per unit of time, while the government debt is a stock, an accumulation). GDP can be expressed equivalently in terms of production or the types of ...