Nonprofit Accounting Question:
Download Questions PDF

Described fictitious assets?

Answer:

These are like intangible assets, which cannot be seen or touched. Actually, these are not assets but some expenditure, which cannot turn to profit and loss account of a particular period that is why these items are shown on assets side of balance sheet to be written off to P&L account in reasonable years.

Download Nonprofit Accounting Interview Questions And Answers PDF

Previous QuestionNext Question
Described extraordinary items?Described the functions of manger -accounts and manager-finance? Explain in detail?