What is a "Fictitious asset"  ?

An asset entry recorded on the balance sheet of a business that has value to the business, but that does not correspond to a real asset or have a resale value. Fictitious assets are used to keep track of assets that cannot be recorded under normal accounting categories, such as prepayments or deferred revenue

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. The purpose of creating a fictitious asset is to account for expenses (such as those incurred in starting a business) that cannot be placed under any normal account heading. Fictitious assets are written off as soon as possible against the firm's earnings.

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Fictitious Assets are assets just created by an accounting entry which does not have a tangible existence or resalable value. It only represents actual cash expenditure.

 

Asset created by an accounting entry 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.

Fictitious assets are used to keep track of assets that cannot be recorded under normal accounting categories, such as prepayments or deferred revenues.

Ficticious assets are created by of an accounting entry without tangible existence. It may or may not be the result of cash expenditure.

Phantom assets are assets and raise the value of the fixed assets and traded more than their true value and increase the assets that either fake or non-existent raised the value of the underlying asset in order to raise the value of the enterprise in the market

deffered advertisement expenses, discount on issue of shares or debentures

The expenses which cannot be charged to the same year and are deffered to next years.

AGREE WITH MRS SREEDEVI & MR VINOD 

Good question and answers