Fixed Assets

Definition of Fixed Assets as it relates to Business, Accounting Principles, Financial Accounting

"Fixed Assets" in the context of Business, Accounting Principles, Financial Accounting, refer to long-term, tangible assets that a company owns and uses in its operations to generate income. These assets are expected to provide economic benefits for more than one accounting period. Examples include property, plant, and equipment (PP&E), such as buildings, machinery, and vehicles. Fixed Assets are reported on the balance sheet at their cost, less any accumulated depreciation or impairment. The management of Fixed Assets is critical for a business as it impacts the company's financial statements, asset turnover ratio and overall profitability.

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