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Fictitious asset and its advantage

Updated: 9/14/2023
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PRABHU2050

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15y ago

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A fictitious asset is one that doesn't have a resale value. A prepayment, such as a gift card balance, is a fictitious asset.

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What is fictitious asset?

A fictitious asset is a claimed asset that does not actually exist. It is considered fraud to claim a fictitious asset.


What is the meaning of fictitious asset?

fictitious asset for exampal like this (miscellanous expenditure)


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What is the difference between fictitious assets and intangible Asset?

Fictitious assets-fictitious assets are deffered revenue expenditure whose benefit is derived over long period of time.Even accumalated losses are also fictitious assets as they are written off over a period of time.All fictitious assets are intangible but all intangible assets are not fictitious.ex goodwill.patents,trademarks,copyrights are intangible but not fictitious.following are the examples of fictitious assets are-preliminary expenses,discount on issue on debenture and shares,underwriting commission,miscellaneous expenditure,profit and loss(dr).


Is goodwill a fixed asset or fictitious asset?

Goodwill in an intangible asset. It can be purchased or internally-generated. Purchased goodwill can occur when a businesses purchases a company's assets for more than their fair value. Internally-generated goodwill can arise for a few reasons, such as the fact that a company develops a reputation in the industry and in the market. Such a factor is an asset to the company, but is not tangible. I believe accounting principles are fairly restrictive on this type of goodwill.


What is the antonym for fault?

A fault is a flaw or a disadvantage. An antonym for fault would be virtue, advantage, asset, merit, or strength.


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Why Population is asset rather than liability?

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How do you spell fictitious?

The correct spelling is fictitious.