Accounting treatment
This query is : Resolved
16 November 2012
how treat performance incentive of sales relating to FY2011-12 which is identified in the year 2012-13,either as prior period item or current period item?
20 November 2012
The performance is a current period item even though it is calculated on the sales of the previous year. The expenditure/amount is determined in the current year although the basis is sales figures for the previous year.
Prior period expense is an expense which is omitted due to mistake or oversight.
Prior period expense is an expense which is omitted due to mistake or oversight.
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