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What is meant by the Ficititious Assets?
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Answer Posted / 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.
| Is This Answer Correct ? | 3 Yes | 1 No |
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