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Define fictitious assets?

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Define fictitious assets?

Posted by Diksha Bangar 6 years, 1 month ago

CBSE > Class 12 > Accountancy

2 answers

Rinkal Khandelwal 6 years, 1 month ago

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.

Ashish Kumar 6 years, 1 month ago

Fictitious assets are intangible assets like goodwill, patent right , etc which can be sold.

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