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Answer Posted / just venkey.....
fictitious asset
Definition
Asset created by an accounting entry (and included under
assets in the balance sheet) that has no tangible existence
or realizable value but represents actual cash expenditure.
The purpose of creating a fictitious asset is to account
for expenses (such as those incurred in starting a
business) that cannot be placed under any normal account
heading. Fictitious assets are written off as soon as
possible against the firm's earnings.
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