Advertisements
Advertisements
Question
Give two examples of fictitious assets.
Answer in Brief
Solution
- These assets are not represented by possession of any property and, therefore, have no market value.
- Preliminary expenses, discount on issue of shares and debentures, etc., are examples of fictitious assets.
- These are to be written off against Profit and Loss Account.
shaalaa.com
Classification of Assets and Liabilities
Is there an error in this question or solution?
APPEARS IN
RELATED QUESTIONS
What are contingent liabilities?
Mention two contingent liabilities.
Give a classification of assets.
Give a classification of liabilities.
Give one example of fictitious assets.
Give one difference between fixed assets and current assets.
Explain current assets with an example.
Name the different types of liabilities.
Explain Asset.
Explain Liability.
