As this is the case, a thorough fixed assets register is essential for the operation of any business. Also known as fixed assets, these items must be traceable at all times, not just to comply with tax laws, but so that the company can know the costs associated with all of its assets. These items are owned by the company and are separated from the goods and services that the company sells to its customers. Throughout its existence, a business must purchase various items that enable it to conduct business. Keeping a fixed asset register includes collecting detailed information about all the fixed assets a company holds.Įxamples of fixed assets include machinery and equipment used to produce products and land and buildings where business is being done. Such an item is required by law for some companies for tax purposes. A fixed assets register is a list of all the assets held by a company that is intended to be used for business purposes and have not been sold off for profit.
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