Question

Asset appearing in the book but having no value are known as ________.

• A. Wasting assets
• B. Intangible assets
• C. Current assets
• D. Fictitious assets

Answer 1

The correct option is D Fictitious assets

Fictitious Assets are those assets which are not represented by anything concrete or tangible. There are no tangible properties behind such assets. Preliminary expenses, Goodwill, prepaid expenses, debit balance of P & L a/c are the examples of such assets. Deferred revenue expenditure are mostly referred as fictitious assets.