Temple City Unified School District

• Fixed Assets or Tangible Assets is property, plant, and equipment (PP&E) - is an accounting term for assets and property that cannot be easily converted into cash. The word fixed indicates that these assets will not be used up, consumed, or sold in the current accounting year.

• They have a useful life of more than one year
• They can be depreciated
• They are used in business operations and provide long-term financial gain
• They are not liquid

General Assets or Minor Assets are resources owned by the District as a result of a transaction. Examples of assets are cash, accounts receivable, inventory, prepaid insurance, equipment, hardware, and materials.

• They have a useful life of less than a year
• They can be depreciated
• They are used in business operations and provide short-term operational gain
• They can be liquid