Question
Where are the fictitious assets shown in the financial
statements?Solution
Fictitious assets are assets that do not have any tangible or physical existence but are shown on the asset side of the balance sheet. These assets are not real assets, and their value cannot be realized or recovered by the company. Fictitious assets are created by the accounting process, and they represent expenses or losses that have been incurred by the company but have not yet been written off as an expense.
Which of the following statements about benami transactions is correct under the amended Benami Transactions (Prohibition) Act, 1988?
Who regulates Commodities market in India?
Which of the following is considered a key principle of taxation that ensures tax fairness by taxing individuals based on their economic capacity?
1. Mark the incorrect match:
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