Interested to Buy Any Domain ? << Click Here >> for more details...
What is meant by the Ficititious Assets?
- 5 Answers
- 10741 Views
- Cognizant, Wipro, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
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.
| Is This Answer Correct ? | 3 Yes | 1 No |
Answer / mallikarjuna
Fictitious assets like intangible asset... because it's not
represent physically..
Ex: preliminary expenses
discount on shares or debentures
| Is This Answer Correct ? | 2 Yes | 1 No |
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.
| Is This Answer Correct ? | 1 Yes | 1 No |
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)...........
| Is This Answer Correct ? | 1 Yes | 1 No |
Answer / gangaiah
ficitious assets is a assets its not appearing and not
touching. ex prilimanary expences, good will
| Is This Answer Correct ? | 0 Yes | 3 No |
Expand ------NACo
what is diffference between retail invoice and tax invoice ?
which are company offering jobs in PORTFOLIO MANAGEMENT ?
Is the the invoice number and voucher no will be same most of the time or it should be same?
Expand RTGS
Compute the sales tax amount on the following transactions: MRP rs 1000/- Sales Tax is 10% cess on sales tax is 5% Turnover tax is 1% on net turnover
How does the accounting treatment of a partner's salary differ from that of an employee's salary in a partnership?
EXPAND_________VRD
what is income tax
Telephone expenses 4000 Show entry in expenses not payment entry
what is the difference between debenture and shares
(a) Rajesh Ltd. gives you the following information for the year ended 31st March, 2006: (i) Sales for the year Rs. 48, 00, 000. The Company sold goods for cash only. (ii) Cost of goods sold was 75% of sales. (iii) Closing inventory was higher than opening inventory by Rs.50,000. (iv) Trade creditors on 31.3.2006 exceed the outstanding on 31-3.2005 by Rs. 1, 00, 000. (v) Tax paid during the year amounts to Rs. 1, 50, 000. (vi) Amounts paid to Trade creditors during the year Rs. 35, 50, 000. (vii) Administrative and Selling expenses paid Rs. 3, 60, 000. (viii)One new machinery was acquired in December, 2005 for Rs. 6, 00, 000. (ix)Dividend paid during the year Rs. 1,20, 000. (x)Cash in hand and at Bank on 31.3.2006 Rs. 70, 000. (xi) Cash in hand and at Bank on 1. 4.2005 Rs. 50, 000. Prepare Cash Flow Statement for the year ended 31.3.2006 as per the prescribed Accounting Standard. (b) Define the teen "Operating Activities", "Investment Activities" and "Financing Activities" as per NA S-3 Send me this question answer in my mail Address please help me to how solve the question ( deepakgaire@gmail.com) plese plese
Audit 
