Which of the following is NOT considered a fixed asset?

Franchises are typically classified as intangible assets rather than fixed assets. Fixed assets, often known as tangible assets, include physical items that a company uses in its operations and that have a long-term value. These generally consist of buildings, equipment, and vehicles, which are all physical items with a measurable, tangible presence.

In contrast, franchises represent a business model or rights granted by a franchisor to a franchisee to operate a business under a brand name and typically involve concepts, trademarks, and systems rather than physical, tangible items. This is why franchises are not considered fixed assets; they may contribute to the overall value of a business but do not fit within the category of physical, long-lived assets that are used to produce goods or services.