An item is fictitious because it

Assessment: WAEC SSCE - Financial Accounting - 1997 (Objective) Subject: Financial Accounting

Question 1 Report

An item is fictitious because it
Answer Details
An item is fictitious because it does not exist in reality or cannot be physically seen or touched. In accounting, fictitious items are usually used to balance accounts or adjust financial statements. They are not real transactions or assets, but rather entries made for accounting purposes only. Examples of fictitious items include depreciation, bad debts, and provisions for contingencies.
Read lesson note on Incomplete Records And Single Entry (JAMB)
Read lesson note on Nature And Significance Of Accounting (JAMB)
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