qualities are characteristics of fixed assets. For each quality, give an example of a fixed asset or if not a fixed asset, provide the account name for what it is described.i.e., Quality – used to produce income. Answer: Yes, fixed asset, example- delivery van for a newspaper businessi.e., Quality – deposit received for purchase of services over next 2 years. Answer: Not a fixed asset, example – this is describing an Unearned Liabilitya. Tangibleb. Capable of repeated use in the normal operations of the businessc. Not held for sale in the normal course of businessd. Not used in the “operations” of the businesse. Useful life is greater than one year
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