Class 12 Exam > Class 12 Questions > Which of the following is/are correct?(i) Fic...
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Which of the following is/are correct?
(i) Fictitious Assets are the assets which do not have any physical existence.
(ii) Fictitious Assets are expected not to realise any value or render any service in future.
(iii) Fictitious Assets are to be written off against Reserve and Surplus.
(iv) Building is an example of a fictitious asset.
(i) Fictitious Assets are the assets which do not have any physical existence.
(ii) Fictitious Assets are expected not to realise any value or render any service in future.
(iii) Fictitious Assets are to be written off against Reserve and Surplus.
(iv) Building is an example of a fictitious asset.
- a)Only (i)
- b)Only (i) and (ii)
- c)Only (i), (ii), and (iii)
- d)All (i), (ii), (iii), and (iv)
Correct answer is option 'C'. Can you explain this answer?
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Which of the following is/are correct?(i) Fictitious Assets are the as...
Fictitious Assets are the assets which do not have any physical existence. They are not tangible assets like buildings, machinery, or inventory. Instead, they represent expenses or losses that have already been incurred by the company or expected to be incurred in the future. Fictitious assets are recorded on the balance sheet because they have a future economic value for the company.
(i) Fictitious Assets are the assets which do not have any physical existence.
This statement is correct. Fictitious assets are intangible in nature and do not have a physical presence. They represent future benefits or expenses that have already been incurred.
(ii) Fictitious Assets are expected not to realize any value or render any service in the future.
This statement is incorrect. Fictitious assets may not have a physical existence, but they have future economic value for the company. For example, prepaid expenses are considered fictitious assets as they represent future benefits to be received by the company.
(iii) Fictitious Assets are to be written off against Reserve and Surplus.
This statement is correct. Fictitious assets are usually written off against reserves or surplus in the financial statements. This is done to reflect the true financial position of the company and to ensure that the assets are not overstated.
(iv) Building is an example of a fictitious asset.
This statement is incorrect. Building is a tangible asset and not a fictitious asset. Fictitious assets include items like preliminary expenses, deferred revenue expenditure, and fictitious assets like goodwill.
In conclusion, the correct statements are (i), (iii), and (iv). Fictitious assets are intangible assets that do not have a physical existence. They are written off against reserves or surplus in the financial statements. Buildings, on the other hand, are tangible assets and not fictitious assets.
(i) Fictitious Assets are the assets which do not have any physical existence.
This statement is correct. Fictitious assets are intangible in nature and do not have a physical presence. They represent future benefits or expenses that have already been incurred.
(ii) Fictitious Assets are expected not to realize any value or render any service in the future.
This statement is incorrect. Fictitious assets may not have a physical existence, but they have future economic value for the company. For example, prepaid expenses are considered fictitious assets as they represent future benefits to be received by the company.
(iii) Fictitious Assets are to be written off against Reserve and Surplus.
This statement is correct. Fictitious assets are usually written off against reserves or surplus in the financial statements. This is done to reflect the true financial position of the company and to ensure that the assets are not overstated.
(iv) Building is an example of a fictitious asset.
This statement is incorrect. Building is a tangible asset and not a fictitious asset. Fictitious assets include items like preliminary expenses, deferred revenue expenditure, and fictitious assets like goodwill.
In conclusion, the correct statements are (i), (iii), and (iv). Fictitious assets are intangible assets that do not have a physical existence. They are written off against reserves or surplus in the financial statements. Buildings, on the other hand, are tangible assets and not fictitious assets.
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Which of the following is/are correct?(i) Fictitious Assets are the as...
Building is an example of a tangible fixed asset.
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Which of the following is/are correct?(i) Fictitious Assets are the assets which do not have any physical existence.(ii) Fictitious Assets are expected not to realise any value or render any service in future.(iii) Fictitious Assets are to be written off against Reserve and Surplus.(iv) Building is an example of a fictitious asset.a)Only (i)b)Only (i) and (ii)c)Only (i), (ii), and (iii)d)All (i), (ii), (iii), and (iv)Correct answer is option 'C'. Can you explain this answer?
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