what is the meaning of fixed assets? Class 12 accounts
Dear aspirant!
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A fixed asset, or noncurrent asset, typically is an actual, physical item that a company buys and uses to make products or servicea that it then sells to generate revenue. For example, machinery, a building, or a truck that's involved in a company's operations would be considered a fixed asset.
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Hello aspirant,
Fixed assets are long-term tangible assets that businesses employ to make money. Due to their long usable lives, fixed assets bring the company long-term financial gain. Property, Plant, and Equipment, which appears as a line item on the balance sheet, designates fixed assets, also referred to as capital assets. Fixed assets are difficult to turn into cash.
There are two types of fixed assets:
- Tangible Assets
- Intangible Assets
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