A tangible asset is a type of assets that has physical substance and property. Tangible assets consist of fixed assets (machinery, office equipment and buildings used by an entity) and materials (inventory for own use) that are used in producing goods/ services (collectively, part of current assets).
Examples of tangible assets are:
- Inventory items.
- Buildings and lands,
- Manufacturing equipment or machinery.
- Office furniture.
- Generally, PPE items.
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