Quick Answer: What Does The Word Fictitious?

Which are fictitious assets?

Expenses or losses that are not written off during the accounting period of occurrence because they give long-term benefit over a period of time are categorized as fictitious assets.

Marketing expenses, bank NPAs, discounts on the issue of shares, and debenture losses are few examples of fictitious assets..

Is fictive a word?

adjective. fictitious; imaginary. pertaining to the creation of fiction: fictive inventiveness.

What are the two general categories of defenses to liability on a negotiable instrument?

There are two types of liability associated with negotiable instruments:Signature Liability (signatures on instruments- those who sign are potentially liable for payment of the amount stated)and.Warranty Liability (whereby the liability extends to both signers and nonsigners)More items…

Is goodwill is a fictitious asset?

It cannot be touched and felt and therefore, goodwill is an intangible asset. Fictitious assets on the other hand, are the expenses or losses which are still to be charged from the profit and therefore, cannot be classified as tangible or intangible.

What are 3 types of assets?

What are the Main Types of Assets?Cash and cash equivalents.Accounts Receivable.Inventory. It is often deemed the most illiquid of all current assets – thus, it is excluded from the numerator in the quick ratio calculation.Investments.PPE (Property, Plant, and Equipment) … Vehicles.Furniture.Patents (intangible asset)

What is a fictitious person?

Legal Definition of fictitious person : a supposed but in fact nonexistent person referred to in some legal documents or proceedings also : fictitious payee.

What is the opposite of fictitious?

fictitious. Antonyms: real, true, historical, genuine, authentic, veritable.

What is the fictitious payee rule?

Fictitious payee rule is a principle of commercial law that if a drawer or maker issues commercial paper to a payee whom the drawer or maker does not actually intend to have any interest in the instrument, an ensuing forgery of the payee’s name will be effective to pass good title to later transferees.

Is Deferred tax fictitious asset?

A deferred tax asset, however, has no physical form to take. It’s not a pile of money, nor can it be turned into one. It’s essentially a “credit” — an accounting device that lets you lower your future reported expenses. As such, it is an intangible asset.

What is the imposter rule?

Under UNIFORM COMMERCIAL CODE , Article 3, Sect. 404(a), a rule stating that if an impostor endorses a negotiable instrument and receives payment in GOOD FAITH, the drawer of the instrument is responsible for the loss.

What is the difference between fictitious and fictional?

Put that all together, and try on this distinction: “Fictional” means coming from a made-up story or narrative, “fictitious” is a made-up thing or feeling. In most cases, “fictitious” is the better adjective than “fictional,” which takes a perfectly good noun and makes it into a weak adjective.

What is a fictional account?

A fiction is a deliberately fabricated account of something. It can also be a literary work based on imagination rather than on fact, like a novel or short story. The Latin word fictus means “to form,” which seems like a good source for the English word fiction, since fiction is formed in the imagination.

Is Fictional a word?

fictional / fictitious / fictive As the adjective form of fiction, fictional covers all the creative fabrications that arise out of a person’s imagination, which might then enter a novel, a screenplay, or some other form of storytelling.