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LSDefine

Simple English definitions for legal terms

fixed asset

Read a random definition: objective novation

A quick definition of fixed asset:

Fixed Asset: A fixed asset is something a business owns that is used to make money, like a building or equipment. These things are not meant to be sold quickly or used up right away. They are usually used for a long time, like more than a year, and can be touched or seen. Fixed assets are different from things like cash or stocks, which can be easily turned into money. Each state has its own rules about what counts as a fixed asset, but things like cars or trucks can also be considered fixed assets.

A more thorough explanation:

Fixed Asset is a term used in accounting to refer to property and equipment that are used in the production and distribution of services. These assets are tangible, long-term assets that are not easily converted into cash and are often used to generate income.

Fixed assets have three primary characteristics:

  • They are acquired and held for use in operations but not for sale
  • They should be in long-term use (more than a year)
  • They could be physically possessed

Examples of fixed assets include:

  • Buildings
  • Land
  • Machinery and equipment
  • Furniture and fixtures

These assets are not expected to be converted into cash or consumed in daily use. For example, a building is a fixed asset because it is used in the production of services and is not easily converted into cash. On the other hand, cash and securities are considered liquid assets because they can be easily converted into cash.

Each state may have its own categories of fixed assets. For instance, in Arkansas, a motor vehicle is considered a fixed asset.

fixed annuity | fixed in a tangible medium of expression

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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