Fixed assets

Fixed assets are long-term resources a business owns and uses to operate, such as buildings, machinery, vehicles, and equipment. They are not bought for resale but are essential for ongoing business activities. Fixed assets are usually significant in value and have a useful life extending over multiple years. Their costs are typically spread out over their useful life through depreciation to reflect wear and tear over time. Essentially, fixed assets are the physical resources a business invests in to produce goods or services and support its operations.