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- In accounting, a purchase is123:
- A financial operation where goods and services are exchanged for consideration1.
- The cost of buying inventory during a period for the purpose of sale in the ordinary course of the business2.
- An acquisition of goods or services3.
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.According to our concept, a purchase is a financial operation where goods and services are exchanged for consideration.www.myaccountingcourse.com/accounting-dictiona…Purchase is the cost of buying inventory during a period for the purpose of sale in the ordinary course of the business. It is therefore a kind of expense and is hence included in the income statement within the cost of goods sold.accounting-simplified.com/financial/purchases/A purchase is an acquisition of goods or services, while an expense is an amount spent for these goods or services.www.financestrategists.com/accounting/purchases/Purchasing is the acquisition of goods and services on behalf of the buying entity. Purchasing is needed to obtain goods on time and at a reasonable cost.www.accountingtools.com/articles/what-is-purchasi… - People also ask
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