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Explain why the following are classified as fixed assets:
Land and buildings
delivery trucks
office equipment
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Answer Posted / Rahul Gupta
Land and buildings, delivery trucks, and office equipment are classified as fixed assets because they have one or more of the following characteristics:n1. Permanence: These assets are not easily converted into cash or sold quickly.n2. Long-term utility: They provide benefits over a long period (more than one year).n3. Significant cost: They require a significant initial investment and/or ongoing maintenance costs.
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