1. Fixed Assets - Long term assets that will be used for an extended period of time a. Equipment, Land, Machinery, Buildings b. Also referred to as Plant Assets or Plant, Property, and Equipment" c. Characteristics: i. Exist physically ii. Used in normal operations iii. Not offered for sale under normal operations II. Cost of Fixed Asset includes any cost incurred in preparing it for its intended use a. Purchase Price b. Insurance during transit c. Freight d. Installation e. Testing 1. Fixed Assets - Long term assets that will be used for an extended period of time a. Equipment, Land, Machinery, Buildings b. Also referred to as Plant Assets or Plant, Property, and Equipment" c. Characteristics: i. Exist physically ii. Used in normal operations iii. Not offered for sale under normal operations II. Cost of Fixed Asset includes any cost incurred in preparing it for its intended use a. Purchase Price b. Insurance during transit c. Freight d. Installation e. Testing