Final answer:
Land, buildings, fixtures, and equipment are commonly referred to as fixed assets, which are long-term assets used over time in the operation of a business.
Step-by-step explanation:
Land, buildings, fixtures, and equipment are often called fixed assets (option d) . Fixed assets are considered long-term and are not expected to be converted into cash within a year of the balance sheet date. These assets are used by businesses over time and are essential for long-term operations, typically including items such as machinery, vehicles, and buildings. The value of fixed assets is usually depreciated over their useful lives, reflecting wear and tear as well as obsolescence.
A business's balance sheet will list both assets and liabilities. An asset is an item of value that a firm or individual owns, while a liability is a debt or something owed. Fixed assets are different from current assets, such as cash or inventory, which are expected to be converted to cash within one year. They are also distinct from intangible assets like patents or copyrights, which do not have a physical presence.