The Asset in the form of a physical substance which can not be easily converted into a cash within the Accounting Period.
It's also called Long-Term Asset.
These are items of value that the organisation has bought and will use for an extended period of time;
Normally include items such as R&D, land, buildings, vehicles, furniture, office equipment, computers, machinery, tools, IT equipment, fixtures and fittings, plant and certain wasting resources e.g., timberland and minerals.
The which accounts as Depreciation in Financial Accounting.
The Financial Accounting regulations assume that all Fixed Assеts (with exception of land) lose their cash value over time which is called Depreciation.
In case of Natural Resource the Depreciation is called Depletion.
See also
Business / Business Administration / Financial Management / Financial Accounting
[ Asset ] [ Fixed Asset ] [ Intangible Asset ] [ Current Asset ]
[ Depreciation ] [ Profit and Loss (P&L) ]