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  • INTERVIEW QUESTIONS ACCOUNTS ACCOUNTING DETAILS
    Question :
    What are the fictitious assets?
    Category Accounting Interview Questions
    Rating (0.2) By 219 users
    Added on 8/10/2011
    Views 410
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    Answers:

    These are like intangible assets, which cannot be seen or touched. Actually, these are not assets but some expenditure, which cannot turn to profit and loss account of a particular period that is why these items are shown on assets side of balance sheet to be written off to P&L account in reasonable years.



    those assets are created by a company Ex. preliminary expenditure,advertisement etc.



    Posted by: ch.ramesh    

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    item grouped in the balance sheet which has no real value.



    Posted by: pradeep jadhav    

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    Fictious assets are those assets that are intagible but can be valued by the business e.g Goodwill, purchases patents and rights which are in most cases shown as Goodwill on the face of the B/S. They are represented by the difference between the consideration one has to pay for the business while acquiring it and the fair value of total assets of the business. These assets can even be negative in case the business loses its goodwill. It is however, hard for a business to value the goodwill internally acquired over time as opposed to the acquired/purchased goodwill. Thus in accounting, the purchased goodwill is shown on B/S and not the internally acquired.



    Posted by: Betty Nakabugo    

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    Fictitious assests are those assests,which do not have physical form.They do not have any real value.

    Ex:loss on issue of shares, preliminary expeses etc.
























    Posted by: Bhavani.v    

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    Fictious assets are known as intangible assets, which cannot be seen or touched or feel.



    Posted by: RANEESH    

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    It is a intangible assest. Which is not able to touch & see. It is not a assest, like a expneses which is not consider in current P & L. That's why showing in assest side under non current. We will be depriciate month on month basis. As per accounting standard we can write off with in 5 years



    Posted by: kumaran    

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