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What is fictitious asset and explain with your layman's language example pls .......
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Fictitious assets Fictitious means 'not true' or 'fake' Fictitious assets are expenses & losses which for some reason are not written off during the accounting period of their incidence They are shown in the balance sheet on the assets side under the head ' miscellaneous expenditure' Example of fictitious assets â?¢Preliminary expenses â?¢Discount allowed on issue of shares
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