ALL YOU NEED TO KNOW
Fictitious assets are deferred revenue expenditures with no resale value. These intangible assets are unclaimed expenses incurred in running a business and are amortized, hoping that they will benefit the company in the long run .
Fictitious assets are the assets that have no tangible existence but are represented as actual cash expenditure
The main purpose is to create this account for expenses that are not placed in any account heading…..
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