What are Fixed Assets?
University fixed assets are items of physical substance that are to be used in the supply/production of goods and services (e.g. education, research, trading).
Examples of Fixed Assets:
- Scientific equipment
- Land and buildings
- Office equipment
Are fixed assets fixed? - No, a 'fixed' asset does not mean the item is physically fixed to anything. The term fixed indicates that the asset is retained and recorded in our balance sheet for more than one year.
Is a tangible asset different from a fixed asset? - No, they are the same.