451.112 Fixed asset. (a) A tangible asset held for the services it yields in the production of goods and services; any item of plant.

(b) A balance sheet classification denoting capital assets other than intangibles and investments in affiliated companies or other long-term investments. included in the usual fixed-asset categories are land (from which the flow of services is seemingly permanent), buildings, building equipment, fixtures, machinery, tools (large and small), furniture, office devices, patterns, drawings, dies, and often containers; generally excluded are goodwill, patents and other intangibles. The characteristic fixed asset has a limited life (land is the one important exception), and, in organizations where expenses are accounted for, its cost, less estimated salvage at the end of its useful line, is distributed over the periods it benefits by means of provisions of depreciation.