Fixed assets are assets that were broken and are no longer. If you have broken assets, I recommend duct tape. Lots of duct tape.
A fixed asset is any tangible asset or property a company controls/owns that is used to make income (see: Assets). A common alternative name is: property, plant, and equipment (PP&E), or even capital assets.
A crucial part of owning a fixed asset is understanding and reporting how it depreciates over time. Proper accounting of their physical presence and value is vital during tax season, as failure to comply could land an organization with heavy penalties.
Failure to record correctly can also harm a company outside of tax season. Failure to properly understand how a fixed asset has depreciated can lead to higher insurance premiums, and constantly shifting records can result in an audit.
But not all items you see in an office are fixed assets—just most of them. To qualify for being a fixed asset, it must help the company, be owned by the company, and be in use for longer than a financial reporting year. So while furniture, computers, servers, company vehicles, buildings, and so on are all fixed assets, your depreciating eyesight is not. Seriously, invest in blue-light glasses.