Ans. Fixed assets are those long-term assets that a company has purchased and has been using for the production of its goods and services. These Fixed assets include property, plant, and equipment. These are recorded on the balance sheet. The fixed assets are also referred to as tangible assets, which means they are physical assets.Type of Fixed Assets are as follows: Buildings include all the facilities that are owned by the entity.Computer equipment. that includes all types of computer equipment, like servers, desktop computers, and laptops.Computer software. Construction in progress. Furniture and fixtures. Intangible assets. Land. Leasehold improvements.