Are fictitious asset and deferred revenue expenditure are same
No, fictitious asset and deferred revenue expenditure are not the same.
A fictitious asset is a non-monetary asset that has no physical substance and cannot be seen or touched. It represents an expense that has been paid for in advance, such as prepaid expenses or deferred charges, and is carried on the balance sheet as an asset until it is used up.
On the other hand, deferred revenue expenditure is a revenue expenditure that is incurred in one accounting period, but its benefits are received over several accounting periods. It is recorded as an asset in the balance sheet and amortized over a period of time. It is not a fictitious asset, but a real expenditure that has been deferred for future periods.
In summary, intangible asset are prepayments or expenses that have been paid in advance, while deferred revenue expenditure is a real expense that has been deferred for future periods.
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