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what are fictious assets? give some examples?
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Answer / naresh
FICTITIOS ASSETS ARE THOSE ASSETS WHICH IS NOT HAVE PHISICAL APPERIANCE EX PLINIMINARI EXPENSES
| Is This Answer Correct ? | 58 Yes | 43 No |
Answer / ezaz leo
Fictitious assets are the asset that has no realizable
value (net value of an asset if it were to be sold).
Example- Priliminary expense, debit amount of profit/loss
account.
| Is This Answer Correct ? | 12 Yes | 3 No |
Answer / lakshay aggarwal
examples are :-profit nd loss a/c dr. balnce in balance sheet, preliminary expenses, discount on issue of debenture, miscellanous expenditure, (all shows in balaance sheet)
| Is This Answer Correct ? | 5 Yes | 2 No |
Answer / swamymittal
fictitious assets these
are the not assets in
reality, but are shown
as under certain
occasions. eg
preliminary expenses,
advertisement etc...
| Is This Answer Correct ? | 4 Yes | 2 No |
Answer / bantu singh
Fictitious Assets are non existable assets or we can say
assets which is not exist at present but by expending on
that assets the impact on profit will be done in more than
one accounting period.
| Is This Answer Correct ? | 4 Yes | 2 No |
Answer / malak sagheer
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
| Is This Answer Correct ? | 4 Yes | 2 No |
Answer / rakesh
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.
Read more: http://www.businessdictionary.com/definition/fictitious-asset.html#ixzz3D1vJKBpL
| Is This Answer Correct ? | 3 Yes | 1 No |
Answer / arhaan
These are the Misc Expenditures which are shown on Asset side of Balance sheet in order to tally Balance sheet
| Is This Answer Correct ? | 4 Yes | 2 No |
Answer / imran ali
Fictitious assets
Those expense which are incurred during the formation of company like preliminary expenses
| Is This Answer Correct ? | 3 Yes | 2 No |
Answer / xyz
these are those assets which are neither tangible nor intangible infact these are those losses which are not written down in year in which they are occured but in more than one accounting year.for eg advertisment
| Is This Answer Correct ? | 3 Yes | 2 No |
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