Also known as plant, it is tangible, long-term assets or properties that are not consumed or easily converted into cash. Fixed assets are often used in the production of income.
Definition from Nolo’s Plain-English Law Dictionary
Long-term tangible property used in the operation of a business that is not readily converted into cash or consumed in the ordinary course of business. Examples include machinery, buildings, fixtures, and equipment. Also referred to as a capital asset.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:16 pm