The total assets acquired for permanent use in a business concern is called?

The total assets acquired for permanent use in a business concern are called fixed assets. These are the assets that a company purchases for long-term use and are not intended for resale. Examples of fixed assets include land, buildings, machinery, vehicles, and equipment. Fixed assets are typically recorded on a company's balance sheet and are reported at their original cost, less accumulated depreciation. Unlike current assets, which are expected to be converted to cash within a year, fixed assets are expected to provide long-term benefits to the company.