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06 January 2012 Should Purchase can be included in Prior Period item???

CA Dileep Surya Kumar

CA Dileep Surya Kumar (Expert)
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06 January 2012 Prior period items means income or expenses which arise in the current
period as a result of errors or omissions in the preparation of the
financial statements of one or more prior periods.

purchases are expenses can be prior period if there was a error or omission in prior period.