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Introduction

Anything your company owns that has value is considered to be an asset. Assets can be used in the production of income and are available to pay your company's debts. They include cash, investments, receivables, inventory, prepaid amounts, and fixed assets.

Fixed assets are belongings of yours that are expected to last for more than a year and that are used for the production of goods and services. The category of fixed assets includes such items as buildings, furniture, farm animals, vehicles, machinery, land, and mineral resources. The management of fixed assets in your QuickBooks company file includes recording the cost of the assets and monitoring their use and deterioration through regular deductions of depreciation.


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