Operating Assets Defined Operating assets are long-lived assets that are used in normal business operations. They are not held for resale to customers. Investments in operating assets are essential to the success of most businesses. There are three major categories of operating assets: property, plant, and equipment, sometimes referred to as plant assets or fixed assets; natural resources; and intangible assets. Property, plant, and equipment includes land; land improvements, such as driveways, parking lots, fences, and similar items that require periodic repair and replacement; buildings; equipment; vehicles; and furniture. Natural resources , such as timber, fossil fuels, and mineral deposits, are created by natural processes that may take thousands or even millions of years to complete. Companies use up natural resources by cutting or extracting them, so natural
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