What are Fixed Assets? Give Examples

Fixed Assets are the assets that are acquired for use in the business for a long period of time, generally more than one year. These assets are not meant for resale, rather, these are used for the production or rendering of goods and services. Fixed Assets help the business to earn the income. For example, Machinery, Building, Goodwill, Plant, Furniture, etc. These assets are recorded in the Balance Sheet at cost after deducting depreciation. 

These assets include both tangible as well as intangible assets.

Tangible Assets are those assets that have physical existence. This implies that these assets can be seen or touched. For example, Plant, Furniture, Loose Tools, etc.

Intangible Assets are those assets that do not have any physical existence. It implies that these assets cannot be seen or touched. For example, Goodwill, Patents, Trademarks, etc.


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What is a Promissory Note?

A promissory note is an unconditional promise in writing given by the buyer (or creditor) to the seller (or debtor) to pay the amount of money specified therein to the seller or to the order of seller or to bearer.