Equipment most commonly refers to a set of tools or other objects commonly used to achieve a particular objective. Different jobs require different kinds of equipment.
Equipment is a tangible long-term asset that benefits a business over several years of use. Computers, trucks and manufacturing machinery are all examples of equipment. They are tangible because they have a physical form—unlike intangible assets (such as patents, trademarks or copyrights) that do not.
Types of equipment
- Agricultural equipment. List of agricultural equipment.
- Audio equipment.
- Camping equipment.
- Capital equipment.
- Cricket equipment.
- Diving equipment.
- Electrical equipment.
Equipment is not considered a current asset. Instead, it is classified as a long-term asset. ... If a business routinely engages in the purchase and sale of equipment, these items are instead classified as inventory, which is a current asset.
Tools and Equipment means all hand tools, implements, camp equipment, drawing office and survey instruments, medical and surgical instruments and all articles of similar nature, whether or not they are of an expendable nature, which are not normally issued to officers personally for use in carrying out their official ...