What is meant by the Ficititious Assets?

Answers were Sorted based on User's Feedback

What is meant by the Ficititious Assets?..

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

What is meant by the Ficititious Assets?..

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

What is meant by the Ficititious Assets?..

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

What is meant by the Ficititious Assets?..

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

What is meant by the Ficititious Assets?..

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

Post New Answer

More Accounting AllOther Interview Questions

plz send me the apptitude question papers of bank of america.

2 Answers   Accenture, Bank Of America,

what is market captilization?

4 Answers   FactSet Systems,

do you have debit and credit in balance sheet

14 Answers   Capital IQ,

Expand U G A(Allowance in mines)

1 Answers  


1 Answers  

What is accrual basis of accounting

2 Answers  

What is the value of inventory as per Financial Accounts (AS2) and as per Cost accounts? Someone told me that as per cost accounts only works costs is considered in CARR while for FA, AS2 is followed with cost or NRV whichever is lowewr? Please explain the difference.

0 Answers  

what is the golden rules of accounting?

8 Answers   Chartered Accountant,

what is the entry for accumulated depreciation?n why it is used?when it is necessary?

1 Answers   OPI Global,

short note on capital expenditure and revenue expenditure.

1 Answers  

What Question ask in MARKIT Company?

0 Answers  

capital 2000000,sundry crediors 75000, building 150000

3 Answers