Ask Question
3 March, 11:37

Tara is a junior clerk at an auditing firm. Her supervisor asks her to close all the fictitious accounts before they prepare the Trial Balance. Which account can be termed as a fictitious account?

A. fixed assets

B. current assets

C. capital

D. expenses

+5
Answers (1)
  1. 3 March, 12:01
    0
    D. expenses

    Explanation:

    Generally, the fictitious account is a type of asset which is not termed as current or fixed. Instead, it can be termed as expenses because of its short-term nature. More precisely, the fictitious account means a fake account. Therefore, it has to be written off as soon as possible. Accountants write-off those fictitious accounts against the company's earnings. Therefore, it can be termed as an expense instead of fixed or current assets. Capital is out of the question.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Tara is a junior clerk at an auditing firm. Her supervisor asks her to close all the fictitious accounts before they prepare the Trial ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers