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The Asset which can not be easily converted into a cash in easy and fast way within the operation cycle (usually a fiscal year).

It's also called Long-Term Asset.

These are items of value that the organization has bought and will use for an extended period of time;

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In Financial Management they are written off against profits over their anticipated life by charging Depreciation expenses (with exception of land). 

See also

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Business / Business Administration / Accounting

[ Asset ] [ Depreciation ]