A fixed assets list is an official document that outlines, in detail, the tangible, long-term physical pieces of property owned by a business or individual. This includes items such as vehicles, furniture, equipment, tools, and buildings – anything of value that is not used up or sold within a single financial year. The fixed assets list is typically kept up-to-date throughout the year, allowing for any additions or subtractions to be accurately accounted for on the balance sheet. By tracking each asset by name, serial number and date of purchase, it becomes easier to calculate depreciation expenses and ensure accurate taxation. In short – it’s an important tool that helps keep a business running smoothly.