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Financial Accounting May/June 2008  
Questions: 1 2 3 4 5 6 7 8 9 Main
General Comments
Strength
Weakness/Remedies






Question 3

Explain the following:
(i) fictitious assets
(ii) intangible assets
(iii) real account
(iv) long – term liabilities

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OBSERVATION

Candidates’ performances in this question was above average.  Majority of them found it difficult to explain ‘fictitious assets’.
The expected answer is
Fictitious Assets: These are assets which do not have any realizable value.

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