Expert Answers
pohnpei397 eNotes educator| Certified Educator

Fixed assets are pieces of property that are used by firms to make their products and which are expected to last for a number of years.  These sorts of assets are sometimes referred to as the firm's "plant."

Fixed assets can come in many forms.  If a firm actually owns the land on which its facilities are built, the land is a fixed asset.  If a firm is in the business of producing goods, then the machines that it uses to produce those good are part of its fixed assets.  If the firm has a front office with computers and desks and chairs and such, all of those things are fixed assets as well.  In all of these cases, the assets are things that are needed for the firm's production process but are also things that will last for years rather than being used up.

In other words, fixed assets are the things that are used in the process of making products but which are not actually consumed to make the product.

nikasho0100 | Student

Fixed assets are also known as Non current assets.They are the assets which have a long life bought with the intention to use them in the buisness and not with the intention of reselling them. they are considered as the property of the buisness. Fixed assets can be further explained as one of the important elements used in the production process in order to produce a good..

Examples of fixed assets are land, building, vehicles, machinery, equipments ect