Which of the following describes a fixed asset?

A fixed asset is indeed described as an asset that is intended to be used over a long period of time. This category typically includes tangible assets such as buildings, machinery, and equipment that a business uses to produce goods or services. Unlike current assets, which are expected to be converted into cash or consumed within a year, fixed assets provide a long-term benefit to the organization, supporting its operations over many years.

The long-term nature of these assets is significant because they require investment but contribute to a company's productive capacity over time, justifying their classification as fixed assets. Their value is also subject to depreciation, reflecting their use and aging over time, but they are not rapidly depreciating or readily converted to cash like current assets.