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What are fixed assets?

Author:
Harold Averkamp, CPA, MBA

Definition of Fixed Assets

Fixed assets are a company’s tangible, noncurrent assets that are used in its business operations. The word fixed indicates that these assets will not be used up, consumed, or sold in the current accounting year.

A company’s fixed assets are reported in the noncurrent (or long-term) asset section of the balance sheet in the section described as property, plant and equipment. The fixed assets except for land will be depreciated and their accumulated depreciation will also be reported under property, plant and equipment.

Examples of Fixed Assets

Some of a manufacturer’s fixed assets include:

  • Land, land improvements, buildings
  • Machinery and equipment
  • Trucks, automobiles
  • Furniture and fixtures
  • Computer systems
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About the Author

Harold Averkamp

For the past 52 years, Harold Averkamp (CPA, MBA) has worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of all the materials on AccountingCoach.com.

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