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LSDefine

Simple English definitions for legal terms

fixed asset

Read a random definition: quasi ex delicto

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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i should be a vtuber so i can finally realize my dream of becoming an anime girl
17:23
@CynicalOops: tickets to what?
CynicalOops
17:26
I got my brother tickets to a golf tournament and im going to get my mom ski lift tickets because she just moved near a ski resort
Dkk
18:08
Nice, I am on bad terms with my siblings so i am getting them nothing and they should get me nothing too and I am getting my mom a gift.
18:16
I just noticed that UMich has the majority of their acceptances really early on. Does anyone know what happens to mid-November applicants? Are we just cooked?
TGM
18:23
How long can I delay sending my fall grades if they hurt my GPA? I’m still waiting on decisions and ideally I’m hoping they decide BEFORE seeing my new grades
TGM
18:27
dropped my GPA below median for a couple of schools I’m applying to, when I was above median before
Dkk
18:32
@TGM: Not long enough to get another transcript to recover.
Dkk
18:33
Honestly you could just wait until someone actually asks for your fall grades. Who knows.
Dkk
18:34
@wigwav: It looks like if below medians it will not help but If applying in November it seems you are still middle of the cycle.
18:34
@wigwav: nah
TGM
18:34
like am I expected to send it unprompted or can I wait until a school requested it
Dkk
18:35
@TGM: Expected to send it unprompted but you can wait and see.
18:36
Is your LSAT also below median?
TGM
18:37
It’s above median, but I’m applying T6 with unimpressive softs, so even with a good LSAT it’s tough
texaslawhopefully
18:38
Yeah, then I would just wait as long as you can to send it
texaslawhopefully
18:38
For like HLS at least, if you wait till J6 then you may already have a decision
TGM
18:39
@texaslawhopefully: alas, haven’t even gotten an interview (applied around thanksgiving)
18:39
Yeah I would delay as long as you have plausible deniability
TGM
18:40
I actually do have a transcript issue that registrar needs to resolve, should I say that
TGM
18:41
(Course marked as Incomplete that’s supposed to be removed)
TGM
18:41
not sure if I should email them to say that, or just hold off on sending it and not give an excuse
18:41
I think I just wouldn’t reach out and if they ask for them then say that
Dkk
18:41
@tgm Yeah sounds good, say that if they ask
18:47
hey yall
18:47
im premed idk why im here
18:48
we’re like cool and sexy and fun I get it
18:48
true i love ur user
18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
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