Which of the following assets is a fictitious asset?

Start networking and exchanging professional insights

Next Question:
Can we treat all technical staff salaries under Admin Expenses ?
Posted by:
Khaliq Raza MBA MS CFE AFA
08-March-2017

(a) Goodwill A/c

(b) Prepaid Rent A/c

(c) Outstanding Salary A/c

(d) Preliminary expenses A/c

Accounting Auditing Cost Accounting Finance

Question added by Shamseer KM , HR Payroll Officer , Al Darwish Engineering W.L.L
Date Posted: 2015/04/22

Upvote (1) Views (4) Followers (4) Answers (4) Report Question

Write an Answer
Register now or log in to answer.

4 Answers

by Muhammad Rehan Tahir ACCA , Treasury Manager , Farouk, Maamoun Tamer & Company

Option d: Preliminary expenses a/c

Upvote (1)

Downvote Reply () Report

by Waleed El-Baz , Financial Manager , TIPOCO (Tiba For Investment & Petroleum Operation)

Fictitious assets are such assets whose benefit is derived over a longer period of time, Like Deferred revenue expenditure, Misc. expenses, Preliminary expenses, Accumulated loss,etc. These assets are intangible too. In the other hand Goodwill, Trade Mark, Patents, Copyrights are intangible assets but not fictitious.

Upvote (0)

Downvote Reply () Report