Question

What is a fictitious Assets?

Answer 1

Answer:

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.

Answer 2

Answer:

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.

Explanation:

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