Fictitious asset
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 July 2015
Explain fictitious asset.
13 July 2015
https://www.caclubindia.com/forum/examples-for-fictitious-assets--176852.asp
13 July 2015
https://www.caclubindia.com/forum/examples-for-fictitious-assets--176852.asp
13 July 2015
http://www.accountingcapital.com/assets/fictitious-assets/
13 July 2015
The best way to understand fictitious assets is to memorize the meaning of the word “fictitious” which means “not true” or “fake”. Fictitious assets are not assets at all however they are shown as assets in the financial statements only for the time being. In fact, they are expenses & losses which for some reason couldn’t be written off during the accounting period of their incidence.
Fictitious assets are written off against the firm’s earnings in more than one accounting period. Basically, they are amortized over a period of time. They are recorded as assets in financial statements only to be written off later.
Fictitious assets are written off against the firm’s earnings in more than one accounting period. Basically, they are amortized over a period of time. They are recorded as assets in financial statements only to be written off later.
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