Most companies have a mix of fixed assets and inventory. Although both act as assets, each gets treated differently on a companies financial statements. Different generally accepted accounting ...

Fixed assets include tangible assets such as land, buildings, equipment and furniture. When these items are purchased for business use, business owners must follow a fixed-asset capitalization policy ...

All departments are required to perform a complete inventory of their capital equipment once per year. This process is an important control activity designed to safeguard the assets of the University.