Question

Give the word / term or phrase which can substitute each of the following statement.

Assets which are held in the business for a long period.

Answer 1

Fixed Assets

Explanation: Fixed Assets are the assets which are held in the business for a long period. These assets are not meant for resale; rather, these are used for the production or rendering of goods and services. These assets help the business to earn income. For example, land and building, plant and machinery, furniture, etc.