Answer / h.r. sreepada bhagi

A fictitious asset is an asset accounted and presented in
the Balance Sheet, but has no tangible existence or
realisable value, but represents actual expenditure
incurred. A fictitious asset is created to account the
expenses incurred but could not be charged off to the Profit
& Loss A/c of the year in which they are incurred.
Fictitious Assets can be amortized as soon as possible as
per the GAAP applicable to the country.

In other words, fictitious assets are not real assets which
can be felt & seen. An example of fictitious asset is
Preliminary Expenditure.

Answer / mallikarjuna

Fictitious assets like intangible asset... because it's not
represent physically..

Ex: preliminary expenses

discount on shares or debentures

Answer / paldasreekar

These are Assets not represented the Tangiable possion or
Property. Theses Assets under the Assets side in the
Balance Sheet. Eg. Preliminary expenses.

Answer / nitesh

In simple words, fictitious asset are imaginary amount which we use to tally the Balance Sheet......such as Net Profit being carried down to Reserves & Surplus (Liabilities side) while Net Loss carried down to Fictitious Asset (Asset Side)...........

Answer / gangaiah

ficitious assets is a assets its not appearing and not
touching. ex prilimanary expences, good will

ACCOUNTING GOALS

1 Answers  

Expand I I C

3 Answers  

Tell me something about you

3 Answers  

Expand ________CASE

1 Answers   HCL,

what is MNC?

43 Answers   SeaGull Labs, Syntel,

What is mean by Forex accounting

2 Answers  

Is bank charge an assest, equity or liability? 

2 Answers  

Expand DDO?

3 Answers  

HOW CAN I BOOKED RS.200000/ LETTER OF CREDIT(L/C)A/C WITH PARTIES THROUGH BANK IN TALLY.

1 Answers  

purchases for rs100. vat @ 10% and cash discount rs 5 what is the entry passed

5 Answers  

Explain about accrual basis of accounting

1 Answers   Genpact,

how can i make transaction related to inflation account in sap ?

0 Answers