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Define fictitious assets?
-They are assets we can't touch, it's not true assets..such as discount allowed on issue of shares,preliminary expenses.so it created by accounting entry
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.
etc.
Promotional expenses of a business
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. ... Fictitious assets are written off as soon as possible against the firm's earnings. accounting.
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.
They are assets we can't touch, it's not true assets..such as discount allowed on issue of shares,good will
These are the assets that cannot be shown or touch. Fictitious assets can only be felt such as good will, rights etc
Fictitious assets cannot be seen physically, but we can the impact of that ex goodwill.
Yes, I agree with previous answers. The purpose of creating a fictitious asset is to account for expenses that cannot be placed under any normal account heading.
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