Ficticious assets...
This query is : Resolved
sandeep kr singh
(Querist)
19 January 2015
what is ficticious assets.....
CA AnKiT BoHrA (AB)
(Expert)
19 January 2015
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: https://www.businessdictionary.com/definition/fictitious-asset.html#ixzz3PF8C5XFh
Read more: https://www.businessdictionary.com/definition/fictitious-asset.html#ixzz3PF8C5XFh
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