Accounting fundamentals
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 November 2015
What is the difference between fictitious assets and deferred revenue expenditure?
CA. Sunil Gokhale
(Expert)
25 November 2015
They are the same. Deferred revenue expenditure has no resale value. It appears in the balance sheet till it is amortized. Such expenditure is not fully transferred to P&L in the year in which it is incurred and hence balance is shown in balance sheet. It is not really an asset hence called fictitious asset.
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