diffrentiate between current assets and ficticious asset
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The basic difference between fixed asset and current asset lies in the fact that how liquid the assets are, i.e. if they can be converted into cash within one year, then they are considered as a current assetwhile when the asset is kept by the firm for more than one accounting year, then it is known as fixed assets or non-current assets.
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Current assets are assets which held for a shorter period of time..Eg:Cash,Debtor
Fictitious asset which have no real value but are shown in the books of account..Eg:preliminary expenses
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