Fixed assets on a balance sheet are physical items of value owned by the business that have long-term use or are expected to survive more than one year. These types of assets are generally not easily converted into cash and are used in the production of goods or services, or they may be held for investment purposes. Examples of fixed assets include land, buildings, furniture, vehicles, machinery, and equipment. On a company’s balance sheet, these assets are reported at their purchase price minus any accumulated depreciation, amortization, and impairment charges.