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Question
Give the word / term or phrase which can substitute the following statement.
Assets which are held in the business for a long period.
One Word/Term Answer
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Solution
Fixed Assets
Explanation: Fixed Assets are the assets which are held in the business for a long period. These assets are not meant for resale; rather, these are used for the production or rendering of goods and services. These assets help the business to earn income. For example, land and building, plant and machinery, furniture, etc.
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