Fixed assets are purchased for continued and long-term use in earning profit in a business, and can be referred to as PPE (Property, Plant, and Equipment), capital assets or tangible assets. This group includes land, buildings, machinery, furniture, tools, and certain wasting resources (e.g., timberland and minerals). They are written off against profits over their anticipated life by charging depreciation expenses (with exception of land). Accumulated depreciation is shown in the face of the balance sheet or in the notes.
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