Fixed Assets

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Definition of Fixed Assets

The term ‘Fixed Assets’ - refers to assets that are a ‘fixed’ item within a business, usually for more than 1 year (and hence long-term assets).

Fixed assets are also referred to as ‘Property, Plant, and Equipment’ and sometimes as ‘Non-current Assets’.

They are for continual use in the business and are essentially used to make money.

There are many different types of fixed assets found in businesses. The most common types are land; buildings; machinery; fixtures and fittings; office equipment; computers and motor vehicles.

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