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      Question

      Preliminary expenses are the best example for

      _________.
      A fictitious asset. Correct Answer Incorrect Answer
      B intangible asset. Correct Answer Incorrect Answer
      C wasting asset. Correct Answer Incorrect Answer
      D floating asset. Correct Answer Incorrect Answer

      Solution

      Preliminary expenses are considered fictitious assets. Fictitious assets are costs incurred that do not have a physical existence but represent expenses incurred that need to be written off over a period. Preliminary expenses are incurred during the formation of a company.

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