asset
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 December 2010
what is fictitious asset
28 December 2010
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
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 December 2010
can u give me any example
28 December 2010
Yes . All the preliminary exps. for e.g. Discount on issue of shares & Debentures or debit balance of Income Statement .
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