Answer Posted / harsha

Very often these two terms are considered identical but
there is significant difference between these two terms.
Intangible assets refer to those fixed assets that have no
physical status at all viz, goodwill, patentright,copyright
etc . The Intangible assets are written off after a
specified period Fictitious assets also have no physical
existence but they only include the assets having the nature
of deffered revenue expenditures viz, deffered advertisement
expenses, discount on issue of shares or debentures. These
are the assets out of which benefit or profit for more than
one accounting is availed. The main reason for confusion is
that both have no physical status but the discussions above
are big enough for all to understand the difference between
the two terms.

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