What term refers to tangible items that an agency owns, such as cars and office equipment?

The term utilized to describe tangible items that an agency owns, such as cars and office equipment, is accurately identified as long-term assets. Long-term assets are physical items with a useful life extending beyond one year and primarily include property, plant, and equipment. These assets are critical for the operation of the agency and are typically recorded on the balance sheet, reflecting their monetary value and contributing to the overall resources the agency utilizes to conduct its business.

Tangible items like cars and office equipment fall under this category since they are not only essential for daily operations but also represent significant financial investments by the agency that will depreciate in value over time. Understanding how these long-term assets function within the financial framework of the agency is crucial for effective management and financial planning.