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what are fictious assets? give some examples?
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Answer / ashish
All Fictitious assets are intangible but all intangible assets are not fictitious. Ex-preliminary expenses,advertisement, discount on share etc.
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Answer / sagrika walia
a fictious asset is an asset which has no physical appearance . They are the intangible assets . Best way to remember this asset is to the remember the word ' Fictious ' which means not an asset at all .
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Answer / abinash
These assets have no real value. They are treated on technical ground for some ex. Preliminary expenses, discount on share and debentures.
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Answer / syed mahmood ali
Fictitious assets are created while complying the double entry concept. Any expenditure cannot be debited to profit & loss account in one year can be shown as an asset unroll it is completely written off.
In case of loss will be shown as fictitious asset untill it will be adjusted from future profits.
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Answer / kundan kumar jha
Assets generally do have economic benefits, but GAAP permits some balance to be shown on asset side, like :- preliminary expenses, underwriting commission, Dr. Balance of p/L a/c..... These are called fictitious assets
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Answer / abhiram
It means Which don’t have physical appearance and its shown
assets side of the Balnce sheet Ex : Discount on Issue of
shares/ Debentures, Preliminary Expenditure and debit side
balance of the profit & loss A/c.
| Is This Answer Correct ? | 4 Yes | 5 No |
Answer / harsha
Goodwill,Patents,Copy rights, Discount on issue of shares,
Preliminary expenses.
| Is This Answer Correct ? | 173 Yes | 175 No |
Answer / m.kishore kumar
fictitutious assets does not have a physical existence
which means we do not touch it. Ex:Patents, Trade Marks,
Goodwill etc. These assets are also called as Intangible
assets.
| Is This Answer Correct ? | 24 Yes | 83 No |
Answer / guest
fictious assets are those which are illegal, and not owned
by the company
| Is This Answer Correct ? | 55 Yes | 240 No |
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