Question

distinguished between wasting assets and fictious assets​

Answer 1

Answer:

Wasting Assets

Wasting assets are those assets which have a limited life and therefore decrease in value over time. Some examples of wasting assets are natural gas, oil, timber and coal.

Fictitious Assets

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. Major examples of fictitious asset are : profit and loss (dr.bal), discount on issue of shares and debentures, preliminary expenses, underwriting commission, advertisement suspense a/c etc.

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