What are fictitious assets?
Fictitious assets are intangible assets and their benefit is derived over a longer period, for example, goodwill, rights, deferred revenue expenditure, miscellaneous expenses, preliminary expenses, and accumulated loss, among others.
This is one of the basic questions of accounting. But it would be ideal when you are describing the characteristics of how their value is derived over multiple accounting periods and how it can be long term benefit, how they are amortized over time, etc.
To excel in the accounting interview round, you may also consider taking up courses in the following subjects:
• IFRS Courses
• GAAP Courses
• ACCA Courses
