Question

Assets appearing in the books but not having any real value are known as ______________.

• A. Wasting assets
• B. Fictitious assets
• C. Intangible assets
• D. All of these

Answer 1

The correct option is B 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 are the examples of such assets.

Deferred revenue expenditure are mostly referred to as fictitious assets.