Fixed Assets

Definition: Fixed Assets is a term for long-term assets that will not be converted to cash in the short term, but are used in the operation of the business. Also known as Property, Plant and Equipment and as non-current assets.
Examples include land, buildings, equipment, transportation vehicles, plant, machinery, furniture and computers.
FA are not directly sold to a firm's consumers/end-users.
FA are quantified on the balance sheet and depreciation expenses are taken on them.

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More on accounting and auditing: Accounting Cycle, Accounts Payable, Accounts Receivable, Amortization, Appreciation, more...

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