Fixed assets definition including break down of areas in the definition. Analyzing the definition of key term often provides more insight about concepts. Fixed assets can be defined as: Tangible long-lived assets used to produce or sell products and services; also called plant asset or fixed assets. Fixed assets are generally longer lives tangible assets used to help generate revenue. Fixed assets are recorded as asset, and is then depreciated, the cost of fixed assets being allocated, as an expense of depreciation, to the time period it was used to help generate revenue. The book value of fixed assets is cost less accumulated depreciation.
