what are fictious assets? give some examples?
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Answer / rk
These are assets not represented by tangible possession or
property. Examples of preliminary expenses, discount on
issue of shares, debit balance in the profit and loss
account when shown on the assets side in the balance sheet
| Is This Answer Correct ? | 464 Yes | 92 No |
Answer / amit
Fictitious assets are the deffered revenue expenditure.
These are also intangible assets such as advertisement
exps.,discount on issue of shares and debentures. But it
does not include goodwill,Patents, Trade Marks. These
assets are called intangible assets.
All fictitious assets are intangible but all intangible
assets are not fictitious assets.
| Is This Answer Correct ? | 271 Yes | 51 No |
Answer / bhaskar
Fictitious assets-fictitious assets are deffered revenue
expenditure whose benefit is derived over long period of time.Even
accumalated losses are also fictitious assets as they are written
off over a period of time.All fictitious assets are intangible but
all intangible assets are not fictitious.ex
goodwill.patents,trademarks,copyrights are intangible but not
fictitious.following are the examples of fictitious assets are-
preliminary expenses,discount on issue on debenture and
shares,underwriting commission,miscellaneous expenditure,profit
and loss(dr).
| Is This Answer Correct ? | 146 Yes | 32 No |
Answer / b.srikant rao
Fictitious Assets: assets, such as prepayments, which do
not have a resale value, but which are entered as assets on
a company's balance sheet.
| Is This Answer Correct ? | 131 Yes | 43 No |
Answer / srihari.p
fictious asset is a asset group under Balance sheet which
as no real value
Eg: Priliminary Expenses
| Is This Answer Correct ? | 71 Yes | 26 No |
Answer / sathya kishore babu
Annayya, Fictious Assets means not goodwill etc good will
comes under Intangeble assets Ficitous Assets means nothing
but losses example showing Profit & Loss Account on Assets
side and incase of Banking company NPA's comes uunder the
category of fictious assets ok
| Is This Answer Correct ? | 136 Yes | 100 No |
Answer / simran
are those assets which are not represented by anything concrete. There is no tangible property behind such assets. Preliminary expenses, Formation expenses are examples. They dont have realisable vale
| Is This Answer Correct ? | 63 Yes | 34 No |
Answer / shailza
fictitius assests are those which does not have a physical back up and also no market value. they are created by some book entry...a very common example of this is business start up cost..accountants record this becouse it adds some benefit to the business and company can right of this asset against its earnings over a period of time...other examples are debit balance of profit and loss account , discount on issue of shares and debentures , etc.
| Is This Answer Correct ? | 40 Yes | 14 No |
Answer / shiks
Fictitious assets are those which cant be debited in P&L a/c in the same year in which they are incurred.However they are recorded in asset side in B/S.These are intangible assets and are written off over a period of time.
Ex.-Share Issue Expense,MAnagement expense,Preliminary expense,Advertisement expense.
| Is This Answer Correct ? | 45 Yes | 27 No |
Answer / piyush
the meaning of fictitious assets is the assets which is not tangible in nature but the actual expense shown in the balance sheet following r the examples:
1-preliminary expenses
2-underwriting commission
3-discount/cost/expenses on issue of shares/debentures
4-patents
5-deffered expense etc
| Is This Answer Correct ? | 27 Yes | 11 No |
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