It means that as you are working the other side...as the V-shaped knit stitch presents itself, knit it. When a pearl-shaped stitch presents itself, purl it.
(I bet these directions are for the reverse side of something!)
A lot of patterns that have a lot of little fiddley things for you to do on the RIGHT SIDE of the work...will ask you to "knit the knits and purl the purls" on the WRONG SIDE of the work. This makes life easier for the pattern writer and you. Easier that re-stating everything in reverse!
[Stocking Stitch is all knits on the RIGHT SIDE, and you are always knitting the V stitches. Stocking Stitch is always PURLS on the WRONG SIDE of the work, so you are always purling the stitches.]
However, when you have a complex assortment of instructions across a RIGHT SIDE row, many times the pattern writer will give you a 'resting row' on the WRONG SIDE by saying just "knit the knits and purl the purls as they present themselves". Your pattern means the same thing except the writer was skimping on page real estate and using 'shorthand'!
I love 'resting rows'. No work. Just knit the knits and purl the purls. No reading charts. No reading any lines.