What are Furniture and Fixtures?

Furniture and fixtures are larger items of movable equipment that are used to furnish an office. This is a commonly-used fixed asset classification that is categorized as a long-term asset on an organization's balance sheet. These assets have a mid-range depreciation period, typically in the range of five to ten years. The balance in this account can be comparatively large for a business that is mostly administrative in nature, such as an insurance company.

Examples of Furniture and Fixtures

Examples of furniture and fixtures are bookcases, chairs, desks, filing cabinets, and tables.

Presentation of Furniture and Fixtures

Assets classified as furniture and fixtures are usually aggregated into a single Fixed Assets line item, which appears in the long-term assets section of the balance sheet. It is paired with and offset by the accumulated deprecation line item, which is a contra asset account. The net of these two line items represents the net amount of fixed assets on the books of the reporting entity.