Your company probably owns various tangible assets that it uses to help produce revenue. These assets might include buildings, land, manufacturing equipment such as dies and forms, office equipment such as computers, and transportation equipment such as trucks.
Together these assets are known as fixed assets. Your financial statements and reports might also refer to them as plant and equipment or property, plant, and equipment. Your company has other assets, some of which are held temporarily, some of which are intangible, and some of which will be sold to customers.
In contrast to supplies, which are consumed, your fixed assets are regarded as long lasting. In contrast ...