Question

What is the meaning of fixed assets

Answer 1

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A fixed asset is a long-term part of a property that a company possesses and utilises in the generation of its revenue and is not anticipated that would be devoured or consumed into cash in coming next one year. A typical case of fixed asset is a producer’s plant resources, for example, its structures and hardware. The word “fix” indicates that these assets won’t be sold in the current bookkeeping year.

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Answer 2

assets which are purchase for long term use and are not likely to be converted quickly into cash such as land, building and equipment