Fixed Assets

Fixed Assets: An asset that has an expected useful life of 1 year or more. Fixed assets are also referred to as "plant assets" or "property, plant and equipment."

Property, Plant, and Equipment Assets - That have a useful life of more than 1 year and are used in the continuing operations of the organization.

Property - Which a person owns; possession; such as Land, or Land and Building.

Plant - The machinery, etc., used in an industrial process, etc.: The farm has its own lighting. (ex. generator)

Equipment (Office) - Such as typewriter, computer, fax machine, Xerox. etc.

Furniture and Fixtures - Such as desk, chair, cabinet, chair, etc.

Automobile Equipment - Such as car, truck, for transportation.